Australian listed radio broadcaster Here There & Everywhere (HT&E) (ASX:HT1)
has completed the $307.5 million acquisition of Grant Broadcasters.
HT&E owns the Australian Radio Network managing iconic stations such as KIIS, where The Kyle and Jackie O show lives and Pure Gold Network.
The transaction will lead to the creation of a national radio broadcast network with 58 stations, 46 DAB+ stations, across 33 markets.
The moves follow private equity giant KKR taking a 5 per cent stake in HT&E as of 20 December last year joining the ranks of Allan Gray, News Corp, and Perpetual as the top three shareholders in the company by 22 per cent, 15 per cent, and 14 per cent respectively.
HT&E will fund the acquisition through its existing cash reserves, financing facilities and the issuance of HT&E shares.
Over 35 million HT&E shares are to be issued to Grant Broadcasters today meaning it will have a shareholding of 11.55 per cent in HT&E.
Grant has also nominated current chief executive Alison Cameron to the HT&E board to start tomorrow, 5 January.
Shares in Here There & Everywhere (ASX:HT1)
are trading 0.5 per cent lower at $2.09.