An affiliate of Vancouver-based Glacier Media has agreed to sell its JWN Energy information business to Calgary-based Geologic Systems. Geologic, a data provider to the oil and gas industry. The transaction is for C$4.5 million in cash, plus an earn-out of up to C$3.5 million. Geologic is a portfolio company of BV Investment Partners.
VANCOUVER, British Columbia, March 09, 2021 (GLOBE NEWSWIRE) — Glacier Media Inc. (“Glacier”) announced today that its affiliate GVIC Communications Corp. (“GVIC” or the “Company”) has entered into an agreement to sell its JWN Energy information business (“JWN”) to geoLOGIC systems ltd (“geoLOGIC”) for $4.5 million in cash at closing plus an earn-out of up to $3.5 million, for a total of up to $8.0 million. The earn-out is revenue based and payable over three years (the “Transaction”).
geoLOGIC is an energy information business based in Calgary. It is significantly larger than JWN and is backed by BV Investment Partners, a large global private equity firm. geoLOGIC brings synergies to JWN through its data and software products, sales and development resources that can be leveraged to improve JWN’s products and performance, and potentially result in the realization of the earn-out proceeds.
JWN operates in the Canadian oil & gas sector. The industry has been significantly challenged, and while it is expected to recover to some degree, GVIC determined that this segment of the Company’s business would be better served and positioned to realize its potential by combining with geoLOGIC. The upfront capital and potential earn-out proceeds can be used to invest in the Company’s core growth opportunities.
The Transaction remains subject to customary closing conditions and is expected to close on or about March 12, 2021.
Shares in Glacier are traded on the Toronto Stock Exchange under the symbol GVC.
ABOUT THE COMPANY
Glacier Media Inc. is an information & marketing solutions company pursuing growth in sectors where the provision of essential information and related services provides high customer utility and value. The Company’s products and services are focused in two areas: 1) data, analytics and intelligence; and 2) content & marketing solutions.