JMI is a global marketing firm focused on motorsports, operating primarily in Formula 1, NASCAR (the National Association for Stock Car Auto Racing) and IndyCar.
JMI provides long-term sponsorship management and activation strategies, together with services including large-scale hospitality events, rights sales, and digital and experiential marketing initiatives.
Chime's directors believe the acquisition will help the company fulfill its aspiration of becoming a leading sports marketer.
JMI founder and chief executive Zakary Brown has relocated to London and, following completion of the acquisition, will sit on the boards of both JMI and CSM Motorsport Limited, a newly incorporated wholly owned UK subsidiary of Chime, as president and CEO. It is intended that the JMI business will be operated as a separate division within CSM.
The acquisition and associated expenses will be funded through a placing of 8,533,334 new ordinary shares at 300p apiece.
The issue price represents a discount of 7.1% to the closing price yesterday (24 October).