MTG has signed an agreement to sell its 75 per cent shareholding in TRACE to TPG Growth. The transaction values 100 per cent of the business at an enterprise value of €40 million and closing is subject to regulatory approvals. TRACE is part of MTG’s International Entertainment operations.
Jørgen Madsen Lindemann, MTG President & CEO commented: “TRACE is a great business that we have enjoyed developing together with its talented management team over the past four years. TRACE is a global pioneer in Afro-urban entertainment and is now rolling out its streaming service TRACE Play around the world. Our focus at MTG is on the accelerated digital transformation of our broadcasting businesses, and the rapid expansion of our MTGx digital entertainment portfolio. We are delighted that TPG Growth will now support the next steps in TRACE’s development. We thank the whole TRACE team for their dedication to delivering fantastic entertainment experiences during their time as part of the MTG family, and we wish them every success moving forward.”