Modern Times Group (MTG) has completed the sale of its 75% stake in Trace to TPG Growth for €30 million, or approximately SEK313 million, in cash.
The deal, which Broadband TV News first reported on in January this year, places an equity value on 100% of the business at €40 million, or approximately SEK417 million.
MTG notes that the sale will result in a preliminary net capital gain of around SEK58 million, which will be reported within items affecting comparability (IAC) in MTG’s Q2 financial results.
TPG Growth is the middle market and growth equity investment platform of the global private investment firm TPG.
Trace, on the other hand, is a global multi-platform media and entertainment company that provides premium afro urban music and content on 21 pay-TV channels, radio, motion picture, online and mobile services in over 160 countries to 200 million viewers and listeners.