November 29, 2019 - 17:40 CET
AudioValley: Sébastien Veldeman - email@example.com -
Actifin: Victoire Demeestère - firstname.lastname@example.org -
Acquisition of Radionomy/TargetSpot: extension of the agreement with Vivendi on
the vendor credit early repayment
AudioValley, an international specialist in BtoB digital audio solutions, (ISIN
Code: BE0974334667/Ticker: ALAVY) announces that it has signed a new agreement
with Vivendi on the renegotiation of the terms of the vendor credit early
repayment clause established during the acquisition of the majority stake in
the Radionomy/TargetSpot activity.
In August 2017, AudioValley acquired the 64.4% stake held by Vivendi in
Radionomy Group BV. AudioValley now owns 98.53% of the company's capital.
At the end of June 2019, the vendor credit balance related to the financing of
this operation stood at EUR24.8 million, payable in cash in several annual
instalments between 2019 and 2025.
In July 2019, AudioValley negotiated the terms of the seller credit prepayment
clause: if the debt was prepaid in full before 30 November 2019, AudioValley
would receive a discount bringing the payment to EUR16m.
With the agreement announced today, AudioValley is able now repaid Vivendi in
advance with an initial payment of EUR13m by 20 December 2019 at the latest
(instead of 30 November) and the balance before March 2020.