Boomerang Plus buys Welsh TV production firm

20th Oct 2009 10:12

Welsh TV Group Boomerang Plus has acquired Welsh TV production company Indus for up to £2.4m.The new acquisition 'will significantly diversify the group's customer base and broaden its genre portfolio to include adventure, environmental, living history, natural history and arts,' said Boomerang.It will pay an initial £880,000 then £220,000 on the first anniversary of the acquisition. It will then pay up to £1.295m in cash and new Boomerang shares if Indus achieves certain profit targets in the three-year period after the acquisition.Boomerang said Indus should be earnings enhancing for the group in the year ending 31 May 2010.