Stingray Group closes acquisition of TuneIn Holdings

Executive Summary

• Stingray Group Inc. has officially closed its acquisition of TuneIn Holdings Inc., satisfying all conditions precedent.
• The transaction involves total consideration of up to $175 million (U.S.), structured as $150 million paid at closing and up to $25 million payable 12 months post-closing.
• The acquisition was financed via a $150 million (U.S.) term loan under Stingray's renewed credit facility, aiming to strengthen Stingray's position in the global audio landscape.

Key Details

• Transaction Status: Completion of the previously announced acquisition of TuneIn Holdings Inc.
• Total Consideration: Up to $175 million (U.S.).
• Payment Structure:
  • $150 million (U.S.) paid at closing.
  • Up to $25 million (U.S.) payable 12 months following the closing.
• Financing: Funded through a $150 million (U.S.) term loan under Stingray's renewed credit facility.
• Advisers:
  • Stingray: National Bank Capital Markets (Financial Adviser), Davies Ward Phillips & Vineberg LLP (Legal Counsel).
  • TuneIn: Houlihan Lokey Capital Inc. (Financial Adviser), Skadden, Arps, Slate, Meagher & Flom LLP (Legal Counsel).

Notable Quotes

• "We are delighted to complete this strategic acquisition and officially welcome the TuneIn team to Stingray... The combination strengthens our market position in the global audio landscape, expands our reach to millions of new listeners and creates significant new opportunities for expansion." — Eric Boyko, President, Co-founder and CEO of Stingray.