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- HT&E (HT1) subsidiary, Australian Radio Network (ARN), has completed its acquisition of fellow radio business Grant Broadcasters
- The KIIS-network owner announced it would acquire the privately-owned broadcaster late last year, giving them a combined network of 104 stations
- The consideration under the deal totaled more than $300 million, with 35.9 million HT1 shares to be issued to Grant Broadcasters today
- That will give Grant an 11.5 per cent stake in HT&E, with CEO Alison Cameron set to join the board
- Shares in HT1 are down 0.71 per cent at $2.09 each
HT&E (HT1) subsidiary, Australian Radio Network (ARN), has completed its acquisition of fellow radio business Grant Broadcasters.
The KIIS-network owner announced it would acquire the privately-owned broadcaster late last year, giving them a combined network of 104 stations across 33 markets.
The consideration under the deal totaled $307.5 million, with 35.9 million HT1 shares to be issued to Grant Broadcasters today.
That will give Grant Broadcasters an 11.5 per cent stake with Grant CEO Alison Cameron set to join the board of HT&E.
The ASX-listed media business funded the acquisition through its existing cash reserves, financing facilities and through the share issue.
The buy should deliver HT&E more than 20 per cent EPS accretion before synergies and one-off integration costs.
The company also believes there was potential for significant digital audio expansion through new growth markets and audiences.
ARN already owns the KIIS Network, the Pure Gold Network, iHeartRadio and the Edge, as well as a share of Nova Entertainment.
Shares in its owner, HT1, were down 0.71 per cent at $2.09 each at 2:32 pm AEDT.
