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IVE Group - Divestment of IVE Telefundraising (Pareto Phone)

IVE Group Limited (ASX:IGL) (IVE) today announces it has signed a binding agreement to divest of its IVE Telefundraising business (Pareto Phone Pty Ltd ACN 115 781 827). The business will be acquired by an entity associated with Merchant Place Investments Pty Ltd, and subject to customary conditions, completion is due to take place on Friday October 30, 2020.

The purchase consideration is A$16.5 million payable in cash on completion, which represents a 5 times multiple of FY20 EBITDA. The proceeds of the sale will be used to further strengthen IVE’s balance sheet. 

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