Australian listed radio broadcaster Here There & Everywhere (HT&E) (ASX:HT1) has completed the $307.5 million acquisition of Grant Broadcasters. HT&E owns the Australian Radio Network managing stations such as KIIS and the Pure Gold Network.
The transaction will lead to the creation of a national radio broadcast network with 58 stations, 46 DAB+ stations, across 33 markets. The moves follow private equity giant KKR taking a 5 per cent stake in HT&E as of 20 December last year joining the ranks of Allan Gray, News Corp, and Perpetual as the top three shareholders in the company by 22 per cent, 15 per cent, and 14 per cent respectively.
Over 35 million HT&E shares are to be issued to Grant Broadcasters meaning it will have a shareholding of 11.55 per cent in HT&E.
Grant has also nominated current chief executive Alison Cameron to the HT&E board.