Sports Entertainment Group to Acquire New Zealand Audio Business for NZ$130 Million

MT Newswires Live08-12

Sports Entertainment Group (ASX:SEG) agreed to acquire all of the shares in New Zealand audio business MediaWorks Topco for an enterprise value of NZ$130 million, according to a Wednesday filing with the Australian bourse.

The acquisition will be funded through existing cash reserves and an AU$87.6 million senior debt facility from the Commonwealth Bank of Australia (ASX:CBA), with completion targeted for Oct. 1, the filing said.

The company is raising up to AU$11.7 million via share placement, with the ability to accept oversubscriptions, and plans to undertake a share purchase plan to partially repay the debt facility, per the filing.

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