HT&E's Soprano deal collapses

Chris Pash
By Chris Pash | 20 September 2021
Credit: Colin Lloyd

A deal which would have seen Australian Radio Network (ARN) owner HT&E receive $149 million for its 25% in messaging software group Soprano has failed.

The agreement had hinged on the Oslo stock exchange listed Link Mobility Group finding funding for the transaction.

HT&E told the ASX this morning that the shareholders of Soprano agreed to terminate negotiations.

"After four months of extensive and protracted negotiations towards a binding transaction, the parties have been unable to agree terms to be documented to create a legally binding agreement," says HT&E.

"While Soprano shareholders intended to proceed on the terms recorded in the non-binding term sheet, Link Mobility proposed new terms and conditions which when considered alongside recent Link Mobility share price volatility and increased debt was not in the interest of Soprano shareholders."

Revenue at HT&E  surged 21% to $109.9 million in the half year to June as the advertising market returned from the depths of the 2020 pandemic.

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