Future PLC (LON:FUTR) shares soared Thursday after the company proposed to buy TI Media, the owner of various consumer magazines such as Marie Claire UK and Country Life, for £140mln.

The FTSE 250-listed specialist media company, which publishes titles such as PC Gamer, FourFourTwo and Guitar Player, also completed a placing of 8.18mln new ordinary shares at a price of 1,275p each, which raised around £104.4mln to fund part of the acquisition. The shares being issued represented around 9.6% of the company’s issued share capital prior to the placing.

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In a statement, the company pointed out that the acquisition will add three new specialist verticals to the group – namely lifestyle, women’s interest and sports – as well as extending core verticals such as games & entertainment, technology and home interest, adding a total of 220 brands globally.

It noted that an expected £15mln in annual cost synergies would be achieved within 24 months, with “strong” cash generation expected. Completion is targeted for March 2020.

“This deal marks the latest move in our strategy to deliver growth both organically and through acquisition,” said Future’s chief executive Zillah Byng-Thorne in the statement.

“We are confident that the acquisition will be materially earnings enhancing in the first year, driving further growth in profitability and cash generation whilst significantly enhancing our scale and reach,” she added.

Future shares were up 10% to 1,500p on Thursday afternoon.