Stingray to acquire Newfoundland Capital for $506 mln
Stingray Digital Group Inc (TSX: RAY.A-.B) has agreed to acquire Newfoundland Capital Corp Ltd (NCC), the Dartmouth, Nova Scotia-based owner and operator of Newcap Radio. Stingray agreed to pay about $506 million, including debt. Members of the Steele Family, accounting for about 87 percent of NCC's outstanding shares, agreed to support the deal. Canadian pension fund manager Caisse de dépot et placement du Québec agreed to contribute $40 million to the funding. Stingray, a Montréal-based entertainment content provider and broadcaster that went public in 2015, said the acquisition will expand its operations into radio broadcasting.
2 May 2018•10 mins read
