MTG sells stake in TRACE media group
- MTG sells its 75% shareholding in TRACE media group to TPG Growth
- Sale reflects MTG’s ongoing strategic transformation
MTG has signed an agreement to sell its 75% shareholding in TRACE PARTNERS S.A.S. (TRACE) to TPG Growth. The transaction values 100% of the business at an enterprise value of EUR 40 million (approximately SEK 392 million) and closing is subject to regulatory approvals. TRACE is part of MTG’s International Entertainment operations.
Jørgen Madsen Lindemann, MTG President & CEO: “TRACE is a great business that we have enjoyed developing together with its talented management team over the past four years. TRACE is a global pioneer in Afro-urban entertainment and is now rolling out its streaming service TRACE Play around the world.
“Our focus at MTG is on the accelerated digital transformation of our broadcasting businesses, and the rapid expansion of our MTGx digital entertainment portfolio. We are delighted that TPG Growth will now support the next steps in TRACE’s development. We thank the whole TRACE team for their dedication to delivering fantastic entertainment experiences during their time as part of the MTG family, and we wish them every success moving forward.”
NOTES TO EDITORS
MTG (Modern Times Group MTG AB (publ.)) is a leading international digital entertainment group and we are shaping the future of entertainment by connecting consumers with the content that they love in as many ways as possible. Our brands span TV, radio and next generation entertainment experiences in esports, digital video networks and online gaming. Born in Sweden, our shares are listed on Nasdaq Stockholm (‘MTGA’ and ‘MTGB’).
About TPG Growth
TPG Growth is the middle market and growth equity investment platform of TPG, the global private investment firm. With more than $13 billion of assets under management, TPG Growth targets investments in a broad range of industries and geographies. TPG Growth has the deep sector knowledge, operational resources, and global experience to drive value creation, and help companies reach their full potential. The firm is backed by the resources of TPG, which has more than $73 billion of assets under management. For more information, visit www.tpg.com
TRACE is a global multi-platform media and entertainment company that connects with multicultural audiences through premium afro urban music and content across 21 pay TV channels, radios, motion picture, online and mobile services in over 160 countries to 200 million viewers and listeners. Launched in 2003, following the acquisition of the print magazine of the same name, TRACE has become the leading media brand for the connected Afro Urban youth in Sub-Saharan Africa, France, the Caribbean and the Indian Ocean. For more information, visit http://trace.company
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