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Investing.com-- Shares of Infomedia Ltd (ASX:IFM) surged to an 11-month high on Tuesday after private equity firm TPG (NASDAQ:TPG) agreed to acquire the Australian automotive software firm in a cash deal worth A$651 million ($421.6 million).
Under the scheme of arrangement, Infomedia shareholders will receive A$1.72 per share, an over 30% premium to the stock’s last closing price. The offer includes fully franked dividends of up to 4.9 AU cents per share, providing additional benefits for eligible shareholders.
Sydney-listed Infomedia shares surged 29% to A$1.695 by 01:10 GMT, reaching their highest level since mid-September 2024.
The Infomedia board unanimously recommended the deal, citing "certainty of value in an increasingly uncertain environment."
The acquisition, subject to shareholder and regulatory approvals, is expected to close by late November 2025.
Infomedia, which provides software solutions for the automotive industry, will report its full-year results on August 25.
The company confirmed no changes to its fiscal 2025 revenue guidance.