Innovate closes sale of 75% stake in HC2 Broadcasting to CONX
VATE•CONX closes acquisition of controlling stake in HC2 Broadcasting
CONX closed its acquisition of a controlling stake in HC2 Broadcasting, Innovate’s broadcasting holding company.
- CONX now owns 75% of HC2; Innovate retains 25%, subject to post-closing adjustments and certain expense and indemnification obligations.
- CONX committed up to $75 million of equity funding for HC2; part was funded at closing, with the remainder payable post-close.
- A previously announced $105 million loan agreement tied to the refinancing was extinguished at closing, including accrued interest.
- Innovate holds an 18-month option to buy up to an additional 15% of HC2 from CONX on a fully diluted basis.
