Stingray Digital Group Inc. is set to acquire Newfoundland Capital Corporation in a cash-and-stock deal valued at $508 million. The Montreal-based music and digital experience provider will pay $14.75 per share, payable in a combination of cash and Stingray shares. Newfoundland Capital says the transaction is valued at approximately $508 million, including the assumption of net debt of roughly $112 million as of Dec. 31. The transaction will be subject to approval of shareholders, customary closing conditions and regulatory approvals. Stingray's chief executive and president Eric Boyko says the transaction positions the company as a "major player in the Canadian media landscape."

Source: CBC News May 02, 2018 20:26 UTC