Cineplex Inc. (CGX.TO), Thursday announced an agreement to sell its digital place-based media division, Cineplex Digital Media, to Creative Realities Inc. (CREX) for a total purchase price of $70 million in cash.
The consideration is expected to help the company by strengthening its balance sheet, as well as providing capital for opportunistic share buybacks, and debt reduction.
Under the deal, Cineplex has also agreed to continue as Cineplex Digital Media's exclusive advertising sales agent for its operated digital-out-of-home networks across Canada.
Ellis Jacob, President and CEO, Cineplex, noted, "CRI's strong offer and this accretive transaction will provide us with meaningful capital to continue to deliver value for our shareholders."
In the pre-market hours, CREX is moving up 10.53 percent, to $2.94 on the Nasdaq.
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