Trilogy International Partners (OTCMKTS:TLLYF) and Tesbrit BV, a minority partner plan to sell all their Two Degrees Group Limited equities to voyage Digital NZ Limited. The company owners about 73.17% of Two Degrees Group Equities.
Trading Data
On Friday, TLLYF stock soared 34% to $1.90 with more than 97k shares, compared to its average volume of 4.4K shares. The stock has moved within a range of $1.9000 – 1.9721 after opening trade at $1.97.
Trilogy International Partners divests New Zealand subsidiary to Voyage Digital JV
Voyage is a company that Aware Super and Macquarie Asset Management own. The buyers have been trying to merge Vocus with Two Degrees Group since October 2021.
Two Degree Group is worth NZ$1.70 billion. The transaction is for NZ$1.315 billion of the company. As per the agreement, Alignvest and SG will give Trilogy a loan of $10 million for Corporate costs. The company will not require shareholder approval for the loan.
Brad Horwitz, the CEO and President of Trilogy explains that the company has been trying to increase shareholder value for the last few months. This deal enables the company to achieve that. It also shows how their New Zealand team has been working hard.
The companies will close the deal in 2022. However, Trilogy still requires the approval of its shareholders and regulators
Trilogy received advice from Montarne, while the buyers got advice from UBS Group on the transaction.
Technical Data
TLLYF stock is trading above the 20-Day and 50-Day Moving averages of $1.44 and $1.60 respectively. Moreover, the stock is trading above the 200-Day moving average of $1.54.
