Postmedia to sell Infomart to Meltwater
Toronto-based Postmedia Network has reached an agreement to sell its media monitoring division Infomart to Meltwater News Canada. The sale is valued at $38 million. According to the company, the proceeds will be used for debt repayment. The deal includes Infomart's media monitoring, direct feed and professional services operations, including their clients. The transaction is expected to close by Aug. 15, subject to a number of conditions.
"We are pleased to announce a transaction that both supports Postmedia's business strategy and provides an exceptional offering for Infomart clients," said Andrew MacLeod, executive vice-president and chief operating officer at Postmedia. "The transaction allows us to pay down debt and focus on core areas of the business."