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| Exchange Disseminated Time | Infomedia 18 Ltd has informed BSE that the Company has entered into a definitive agreement to sell its entire equity stake in four subsidiaries namely GLYPH International Ltd., Cepha Imaging Pvt. Ltd., GLYPH International US LLC and GLYPH International UK Ltd. In this regard, the Company has issued a Press Release titled "Infomedia18 divests Glyph International"
Press Release :
Infomedia 18 Limited (Infomedia), a controlled subsidiary of Television Eighteen India Limited (a Network 18 group company) and India's premier directories, search, special interest publishing and printing company and Cenveo Inc, one of the world's leading providers of content management and print production services, today announced signing of a definitive agreement, whereby Infomedia has divested 100% stake in Glyph International, its publishing content services business to Cenveo Inc's subsidiaries.
As part of the agreement, Infomedia will transfer all its holdings in the Glyph subsidiaries, namely Glyph International Limited, Glyph International US LLC, Glyph International UK Limited and CEPHA Imaging Private Limited to Cenveo's subsidiaries in India and US. Necessary approvals for the transaction will be sought. This divestment is part of Infomedia's strategy to exit non core businesses and deploy resources to focus on core media segments, search, internet and directories services.
BMR Advisors acted as the sole financial advisors on this deal.
Haresh Chawla, Group CEO - Network18 and Managing Director of Infomedia, stated:
"We are delighted to have found a good home for the team at Glyph and our customers. Cenveo has a strong presence in publishing services and will offer significant growth opportunities for our employees and continued superior services to Glyph International's clients. Glyph International will augment Cenveo's offshore delivery capabilities by adding scale and complementary services. Infomedia 18 is committed to working closely with Cenveo group to ensure smooth integration of the business. The transaction will be value accretive to Infomedia1 8 and will allow resources to move into core media businesses."
Robert G. Burton, Sr., Chairman and Chief Executive Officer of Cenveo, stated:
"The acquisition of Glyph International significantly strengthens our market presence and end-to-end service capability in the journal and book publishing markets. Glyph International is a perfect complement to our platform and allows us to strengthen and expand the services and products we offer the customers of both businesses. We are very excited about the prospect of teaming these two companies up and we welcome the Glyph employees to the Cenveo family." |
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