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(Sharecast News) - Business intelligence, events and marketing group Centaur Media has finalised terms of a deal to sell the MiniMBA brand to ad agency Brave Bison for 19m.
After entering into exclusive negotiations with the company earlier this month, Centaur said it has now signed a sale and purchase agreement with Brave Bison for the sale of The Mini Training Company, which comprises the trade and assets of MiniMBA, the high-level training in marketing and brand management led by Mark Ritson.
The enterprise value given to the brand values it at 6.7 times operating profits earned last year.
Centaur had announced in December that it was reviewing operations and strategies to maximise shareholder value, and on Wednesday repeated its pledge to return cash to shareholders on completion of the deal.
"The board views Brave Bison as a compelling strategic buyer of, and suitable custodian for, the employees and customers of MiniMBA on the next phase of its growth journey," the company said in a statement.
The stock was 2.4% higher at 33.8p by 1100 BST.
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