Damon Del Monte

Daniel Tamayo

Nathan Race

Brendan Nosal

Brian Martin

Terence McEvoy

Terry McEvoy

- Creative Realities, Inc. (CRI) has entered into a share purchase agreement to acquire Cineplex Digital Media (CDM) for **CAD 70 million in cash**, with the acquisition expected to close in **October 2025**.  **[712534_ad6e0022114a4136b29034f330ddefdf_0]** **[712534_ad6e0022114a4136b29034f330ddefdf_2]** 
- CDM reported sales of just under **CAD $56 million in 2024** and is projected to grow by **25% in 2025**, with over **60% of its revenue being recurring**.  **[712534_ad6e0022114a4136b29034f330ddefdf_0]** 
- CRI will finance the acquisition through a combination of **debt and preferred equity**, including a **$36 million senior term loan** and **$30 million of convertible preferred equity**.  **[712534_ad6e0022114a4136b29034f330ddefdf_1]** 
- The acquisition is anticipated to **double CRI's size**, provide at least **$10 million in annualized cost synergies by the end of 2026**, and is expected to be accretive to earnings almost immediately.  **[712534_ad6e0022114a4136b29034f330ddefdf_0]** **[712534_ad6e0022114a4136b29034f330ddefdf_1]** 
- On a pro-forma adjusted basis, CRI's **2026 revenue is projected to exceed USD $100 million**, with Adjusted EBITDA margins in the high teens, eventually exceeding **20%** once all synergies are realized.  **[712534_ad6e0022114a4136b29034f330ddefdf_1]**

Creative Realities Announces Acquisition of Cineplex Digital Media

- First Merchants Corporation (FRME) has entered into a definitive merger agreement to acquire First Savings Financial Group, Inc. (FSFG) in an **all-stock transaction** valued at approximately **$241.3 million**.  **[712534_0001193125-25-216440_d83219dex991.htm:1]** **[712534_0001193125-25-216440_d83219d8k.htm:1]** 
- Under the terms of the agreement, First Savings shareholders will receive **0.85 shares of First Merchants common stock** for each share of First Savings common stock, which represents an implied value of **$33.60 per share** based on FRME's closing price on September 24, 2025.  **[712534_0001193125-25-216440_d83219dex991.htm:1]** **[712534_0001193125-25-216440_d83219d8k.htm:1]** 
- The transaction is expected to be **11% accretive to earnings per share in 2027** (the first full year of combined operations) and has an estimated tangible book value earnback period of **3.0 years**.  **[712534_0001193125-25-216440_d83219dex991.htm:1]** 
- The combined company will have approximately **$21.0 billion in assets** and is anticipated to close in the **first quarter of 2026**, pending regulatory and First Savings shareholder approvals.  **[712534_0001193125-25-216440_d83219dex991.htm:1]**

FIRST MERCHANTS (FRME)