Stagwell completes $160M acquisition of remaining 49% of Instrument LLC, ends uncapped earn-out

Stagwell Inc

Purchase price of $160M: $86.1M cash + $73.9M in Class A common stock, payable in 3 installments.
First installment of $75M ($37.5M cash + $37.5M stock) paid Dec 31, 2021; second/third $42.5M each due Apr 2023/Apr 2024.
Instrument has 400+ employees, clients include Nike, Google, Salesforce, Epic Games; >30% annual growth last two years.
Deal replaces uncapped earn-out; all prior uncapped earn-out structures have now been restructured.
Expected to improve leverage, investment returns, and provide greater investor certainty.

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