Planetout, the GLBT (NYSE: BT) online portal company, has made its most significant offline expansion yet: it has bought out RSVP Productions, a marketer of gay and lesbian travel events, for $6.5 million in cash plus up to $3.0 million in additional consideration based on achievement of certain financial performance targets for 2007 and 2008.
PlanetOut will extend a bridge loan of up to $1.4 million to RSVP, which will be repaid upon closing, and will also reimburse RSVP for approximately $300,000 of expenses at closing.
RSVP, a privately held company based in Minneapolis with 12 employees, posted $7.2 million in revenue in 2004 and $8.3 million in revenue for the first nine months of 2005.
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