Cint to acquire Lucid

The acquisition will see Lucid combined with Cint, with the companies saying the deal will close before the end of 2021.

The deal for Lucid will be funded by a directed share issue worth around $510m conducted by Carnegie and Danske Bank, as well as $120m in debt financing.

As part of the acquisition, 17% of shares and votes in Cint will be provided to current shareholders of Lucid.

Cint said the acquisition will help provide the company with audience tracking technology, as well as strengthening its position in the US and globally.

Tom Buehlmann, chief executive of Cint, will be the chief executive of the combined organisation.

The transaction is dependent on customary closing conditions, including regulatory approval.

Buehlmann said: “Us coming together will be a transformational step change for Cint.

“I am thrilled to welcome Patrick Comer and the entire team at Lucid to the Cint family.”

Patrick Comer, founder and chief executive of Lucid, said: “Cint and Lucid coming together is a validation of the programmatic marketplace and the entire research technology industry.

“We’re excited to continue building towards our shared vision of the future.”