M&A Deal Summary

T-Mobile US Acquires Blis

On March 5, 2025, T-Mobile US acquired marketing company Blis from LDC and Maven Capital Partners for 175M USD

Acquisition Highlights
  • This is T-Mobile US’s 3rd transaction in the Marketing sector.
  • This is T-Mobile US’s 7th largest (disclosed) transaction.
  • This is T-Mobile US’s 1st transaction in the United Kingdom.

M&A Deal Summary

Date 2025-03-05
Target Blis
Sector Marketing
Buyer(s) T-Mobile US
Sellers(s) LDC
Maven Capital Partners
Deal Type Add-on Acquisition
Deal Value 175M USD
Advisor(s) Houlihan Lokey (Financial)
DLA Piper (Legal)

Target

Blis

London, United Kingdom
Blis is an advertising technology company that uses location and demographic data to define digital audiences. Blis provides the most accurate location data and rich contextualized consumer behavioral insights for advertisers. Blis was founded in 2004 and is based in London, United Kingdom.

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Buyer(S) 1

Buyer

T-Mobile US

Bellevue, Washington, United States

Category Company
Founded 1944
Sector Communications
Employees67,000
Revenue 81.4B USD (2024)
DESCRIPTION
T-Mobile office in Parsippany, New Jersey.
T-Mobile office in Parsippany, New Jersey.

T-Mobile US provides wireless communications services, including voice, messaging and data to customers in the postpaid, prepaid, and wholesale markets. The company provides services, devices and accessories across its brands, T-Mobile and MetroPCS, through Company owned and operated retail stores, third party distributors and its websites. T-Mobile US was founded in 1994 and is based in Bellevue, Washington.


DEAL STATS #
Overall 14 of 14
Sector: Marketing M&A 3 of 3
Type: Add-on Acquisition M&A Deals 10 of 10
Country: United Kingdom M&A 1 of 1
Year: 2025 M&A 2 of 2
Size (of disclosed) 7 of 7
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-01-13 Vistar Media

New York, New York, United States

Vistar Media is a provider of advertising technology services to the digital out-of-home industry. Vistar Media was founded in 2011 and is based in New York, New York.

Buy $600M

Seller(S) 2

SELLER

LDC

London, United Kingdom

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1981
PE ASSETS 3.9B GBP
Size Large
Type Sector Agnostic
DESCRIPTION

LDC is the private equity and investment arm of Lloyds Banking Group. LDC invests in mid-market companies throughout the UK. LDC seeks high growth businesses with at least two years of profitability (greater than £1 million). The Firm looks to commit £2 to £100 million in companies generating at least £5 million in revenue. Areas of interest include cleantech/environmental, construction/property, financial services, healthcare, industrials, retail/consumer, support services, TMT and travel/leisure. Prospective transaction types includes acquisition financings, development capital, equity release, MBOs, MBIs, mergers, private placements, and secondary buy-outs. LDC was formed in 1981 and is based in London.


DEAL STATS #
Overall 207 of 210
Sector: Marketing M&A 4 of 4
Type: Add-on Acquisition M&A Deals 96 of 97
Country: United Kingdom M&A 201 of 204
Year: 2025 M&A 3 of 6
Size (of disclosed) 14 of 62
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-04 HSL Compliance

Herefordshire, United Kingdom

HSL Compliance specializes in water, hazardous materials, fire safety, and associated health, safety, and environmental services. HSL Compliance was founded in 1976 and is based in Herefordshire, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-05-21 Instinctif Partners

London, United Kingdom

Instinctif Partners is an international business communications consultancy providing financial and corporate communications, public policy, audience engagement, etc. Instinctif Partners was founded in 2007 and is based in London, United Kingdom.

Sell -
SELLER

Maven Capital Partners

Glasgow, United Kingdom

Investor Investor Investor Investor Investor


Category Asset Manager
Founded 2009
PE ASSETS 760M GBP
Size Middle-Market
Type Sector Agnostic
DESCRIPTION

Maven Capital Partners UK LLP (MCP) invests in lower mid-market companies throughout the UK. The Firm also provides mezzanine financing. MCP focuses on profitable companies with proven track records, balanced management teams, and diverse products and services. Maven looks to invest £2 - £20 million in businesses valued from £10 - £40 million. Sectors of interest include specialist manufacturing, health/pharmaceuticals, energy services, leisure, financial services, software and computer services, communication/IT, chemicals, food/beverage, media, consumer products, and support services. Types of transactions include MBOs, MBIs, BIMBOs, take privates, recapitalizations, and growth capital financings. Maven Capital Partners UK LLP was formed in 2009, following a management buyout of Aberdeen Asset Management's Private Equity division. Maven is based in Glasgow with additional offices in Aberdeen, Birmingham, Edinburgh, London and Manchester.


DEAL STATS #
Overall 83 of 86
Sector: Marketing M&A 2 of 2
Type: Add-on Acquisition M&A Deals 38 of 40
Country: United Kingdom M&A 81 of 84
Year: 2025 M&A 2 of 5
Size (of disclosed) 1 of 6
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2025-02-20 HNB Construction Services

Brackley, United Kingdom

HNB Construction Services specialises in B2B refurbishments, renovations as well as new builds. It currently manages a variety of commercial building projects, including historical and listed buildings, with a focus across Buckinghamshire and Northamptonshire. HNB Construction Services was founded in 2017 and is based in Brackley, United Kingdom.

Sell -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2025-03-11 Digital Rewards Group

Altrincham, United Kingdom

Digital Rewards Group is a specialist rewards and incentives platform which creates incremental value for its partners and brands by connecting them to a closed group of subscribers. DRG offers 4000+ leisure and entertainment discounts primarily to families through three primary channels: a closed audience subscription channel, loyalty-led brand partnership campaigns and through employee benefits providers. Digital Rewards Group was founded in 2014 and is based in Altrincham, United Kingdom.

Buy -