Australia's HT&E's $45 mln stake sale in Soprano a 'positive outcome' - Jefferies

ARN Media

03/01/2023 02:14

** Shares of Australia's HT&E  HT1.AX  rise as much as 5.7%
to A$1.02, set to gain most since Dec 16 if gains hold
    ** The media and entertainment firm announces the signing of
a binding share sale agreement to sell its 25% interest in
Soprano Design to Potentia Capital, an Australian tech focussed
PE firm
    ** Says under the deal, co will receive about A$66.3 million
 ($44.94 million) from stake sale 
    ** Given the latest weakness in the tech market, analysts at
Jefferies see this stake disposal as a "positive outcome" for co
    ** Brokerage says transaction will leave co in a very strong
financial position, which it sees as important given the
deteriorating macro environment
    ** Stock has fallen 54.1% this year, as of last close
($1 = 1.4754 Australian dollars)
 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))