Australian media company Here, There and Everywhere (ASX:HTE) reports it has signed a binding agreement to sell its interest in Soprano Design to Potentia Capital.
The company says under the agreement, HT&E will receive around $66.3 million in cash as consideration for the sale of its approximate 25% interest in Soprano. It also notes this transaction is conditional upon receiving Foreign Investment Review Board (FIRB) approval.
HT&E reports after an ‘extensive’ outreach process with various interested parties, the Potentia proposal was considered to be the most attractive for shareholders of the company. It also states global Communications-Platform-as-a-Service (CPaaS) have been challenged over the past 12 months, and as a result view this transaction to be a positive outcome.
Here, There and Everywhere is an Australian media company focused on broadcast radio and out-of-home advertising. Notable radio assets held by the company include the KIIS Network, Pure Gold Network, ARN Regional, iHeartRadio, and 50% of Canberra FM Radio.
The company also holds the creative agency Emotive, and Hong Kong-based CODY Out-of-Home.
