- iMedia Brands Inc (NASDAQ:IMBI) agreed to acquire 123tv for an enterprise value of $95 million, with a $50 million earn-out potential. iMedia plans to close the transaction in Q4 of 2021.
- 123tv is an interactive media company specializing in proprietary, Dutch auction-style live and automated auctions. 123tv reaches consumers via its television network in over 40 million German and Austrian television households via its online, mobile, and over-the-top (OTT) digital platforms.
- iMedia proposed to sell $75.0 million 8.5% senior notes due 2026 in a public offering.
- The underwriters have a 30-day option to purchase additional $5.0 million notes.
- The offering proceeds will fund the costs related to its pending acquisition of 123tv. Any remaining proceeds will serve working capital and general corporate purposes.
- iMedia has applied to list the notes on the Nasdaq under the symbol "IMBIL."
- iMedia held $23 million in cash and equivalents as of July 31.
- Price Action: IMBI shares traded higher by 0.38% at $5.32 in the market session on the last check Wednesday.
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