Private equity firm CVC Capital Partners is planning to sell Australia's largest ticketing agency--an asset of broadcaster Nine Entertainment Co.--in order to reduce debt, Reuters reported Monday on its website, citing an unnamed source.
UBS AG (UBS) is advising Nine on a sale process for its events division--which includes sports and entertainment ticketing agency Ticketek and the Allphones Arena at Sydney's Olympic Park--that will start early next month, the report quoted the source as saying.
Information will be sent out to potential suitors in the next week or so, and groups including other private equity firms and trade companies have already expressed their interest to Nine, the report added.
CVC and UBS declined comment, the report said.
Full Story: http://www.reuters.com/article/2012/03/06/nine-entertainment-cvc-idUSL4E8E5AAB20120306