Village Roadshow (ASX:VRL) has signed an agreement to sell its wholly owned promotional solutions agency, Edge Loyalty Systems.
They sold the company Blackhawk Network for $32.3 million.
Proceeds from the sale will be used to reduce group debt.
The transaction is subject to approval from Australia’s Foreign Investment Review Board and other customary conditions, and is expected to complete by November 2019.
Shares in Village Roadshow (ASX:VRL) closed -1.22 per cent lower at $2.42 yesterday.