Company: STGW
Filing Date: 2025-03-11
Form Type: 10-K
Source: 0000876883-25-000009
Chunk: 116

Company: Stagwell Inc
Filing Date: 2025-03-11
Form: 10-K
Item: Item 8
Chunk 116
---
 31, 2024Year Ended December 31, 2023(dollars in thousands)Revenue$2,892,586 $2,579,374 Net income$5,216 $33,939 

69

Revenue attributable to Unicepta, included within the Consolidated Statements of Operations for the year ended December 31, 2024, was $1.7 million. Net income attributable to Unicepta, included within the Consolidated Statements of Operations for the year ended December 31, 2024, was $0.4 million.  The purchase price accounting is not yet final as the Company has not yet finalized its valuation processes and therefore may still make adjustments.Acquisition of ConsulumOn October 1, 2024, the Company acquired Consulum (Cayman) Limited (“Consulum”), a government advisory firm that provides public relations management and media and marketing services, for $82.8 million, of which $58.3 million was paid in cash, $12.9 million in 1,810,274 shares of the Company’s Class A Common Stock, and $11.3 million was attributed to contingent consideration which is considered part of the purchase price, subject to post-closing adjustments. In connection with the acquisition, the sellers are entitled to contingent consideration up to a maximum value of $90.0 million, partially subject to continued employment and meeting certain future earnings targets, of which a portion may be settled in shares of Class A Common Stock at the Company’s discretion.The consideration has been allocated to the assets acquired and assumed liabilities of Consulum based upon fair values. The preliminary purchase price allocation is as follows:Amount(dollars in thousands)Cash and cash equivalents$2,151 Accounts receivable, net26,845 Other current assets3,094 Right-of-use lease assets2,173 Fixed assets2,032 Identifiable intangible assets57,200 Accounts payable(2,078)Accruals and other liabilities(9,167)Advance billings(5,425)Current portion of lease liabilities - operating leases(983)Long-term lease liabilities - operating leases(1,065)Deferred tax liabilities, net(8,618)Net assets assumed66,159 Goodwill16,593 Purchase price consideration$82,752 The excess of purchase consideration over the fair value of the net assets acquired was recorded as goodwill, which is primarily attributable to the assembled workforce of Cons