BRIEF-Experian agrees to sell controlling interest in email/ccm business
April 3 Experian Plc:
* Experian agrees to sell email/ccm business
* Signs agreement to sell controlling interest in email/cross-channel marketing in a further step to sharpen strategic focus
* Has agreed to divest a 75 pct interest in CCM to Vector Capital, with Experian retaining balance
* Enterprise value of CCM at completion is c. $400 mln on a cash and debt free basis
* Net proceeds on closing to Experian will be 75 pct of enterprise value, and will be after transaction costs and taxes
* Experian will retain a 25 pct equity interest in CCM and a seller note for $75 mln
* On a pro forma basis net debt to EBITDA is expected to be c.1.9-2.0x at March 31, 2017, compared to group's target range of 2-2.5x
* Transaction is subject to customary closing conditions and is expected to complete during first half of financial year ending March 31, 2018 Source text for Eikon: Further company coverage: (Bengaluru Newsroom: +91 806 749 1136)