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Nexstar buying LKQD Technologies for $90M

Nexstar Media Group Inc. agreed to buy independent video advertising infrastructure company LKQD Technologies.

The deal is for about $90 million in cash, subject to working capital and other adjustments including a minimum cash balance of $10 million, and a contingent earnout payment based on LKQD's performance at the end of two years under Nexstar's ownership.

The transaction is expected to be immediately accretive to Nexstar's operating results and free cash flow, does not materially alter the company's leverage position and will be financed with cash generated from operations and funds provided by the company's revolving credit facility.

Senior members of the LKQD management team, including CEO and Co-founder Brian DeFrancesco and Chief Technology Officer and Co-founder Christophe Clapp, will work for Nexstar, and LKQD will continue to operate its business as a division of Nexstar Digital.

The transaction is expected to close late in 2017 or the first quarter of 2018 and is subject to Hart-Scott-Rodino approval and other customary closing conditions.