Media and entertainment group Village Roadshow is selling its promotional solutions agency, Edge Loyalty Systems, for $32.3 million to US-based Blackhawk Network.
The cash from the sale will be used to reduce debt in the cinema, theme parks, film production and distribution company.
"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," says Village.
Village late last year refinanced its debt facility with a syndicate of local and international lenders the ANZ acting as lead arranger.
The total facility of $340 million includes a three-year revolving facility of $230 million and a five-year term debt facility of $110 million.
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