Advantage Solutions Inc. (NASDAQ:ADV), a leading business solutions provider to consumer goods manufacturers and retailers, today announced it has entered into an agreement to sell its digital advertising platform Jun Group to Verve Group SE, a Swedish digital advertising company formerly known as Media and Games Invest SE.
Gross proceeds from the sale are expected to be approximately $185 million, the majority of which will be received in cash at closing. The transaction is expected to close in the third quarter, subject to regulatory and other approvals.
As part of the agreement, Verve will pay Advantage approximately $130 million in cash at close, plus two additional installments paid 12 months and 18 months post-close to complete the deal. Advantage plans to use the majority of initial proceeds to pay down debt and reinvest in the business. The company remains committed to reducing its net leverage ratio to less than 3.5 times.
