Village Roadshow to sell Edge Loyalty for $32.3 million

Company News

by Rachael Jones

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.
 

Rachael Jones

Finance News Network
Rachael comes to FNN after working for Fairfax Media covering international breaking news, including the global economy and politics. She joined FNN in February 2018. She has reported on Australia’s finance news for various organisations since 2000 and has also interviewed a number of key business players, including Bill Gates. Rachael has also worked across a number of countries, including the UK and the US.