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- Release Date: 05/03/13 18:33
- Summary: ASSET: TME: Trade Me to sell Treat Me in management buy-out
- Price Sensitive: No
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TME
05/03/2013 16:33
ASSET
REL: 1633 HRS Trade Me Group Limited
ASSET: TME: Trade Me to sell Treat Me in management buy-out
Trade Me intends to sell its group-buying website Treat Me via a management
buy-out led by the current head of Treat Me, James MacAvoy.
Trade Me CEO Jon Macdonald said terms had been agreed with Mr MacAvoy's
consortium, and he expected to finalise an agreement and complete the 100 per
cent divestment over the next month or so.
Mr Macdonald said group-buying in New Zealand was still a young industry, and
changing rapidly. "We've not been able to give Treat Me sufficient oxygen,
mainly because of the bigger opportunities ahead of us in the core areas of
our business.
"We routinely review our portfolio and look at what we should invest in or
sell down. We're delighted to have reached agreement with James and his team,
and expect they'll be able to approach the business with a great deal of
entrepreneurial zest. We wish them all the best."
Treat Me forms part of Trade Me's Other segment and Mr Macdonald said the
terms of the sale are confidential, but the price is not considered material.
Treat Me (treatme.co.nz) was launched by Trade Me on 15 March 2011, with its
first deals going live a week later. It has since sold more than 1.1 million
vouchers to New Zealanders around the country.
-ends-
Contact: Paul Ford, +64 4 803 2611 or [email protected]
More info: Trade Me investor website: http://investors.trademe.co.nz/
End CA:00233801 For:TME Type:ASSET Time:2013-03-05 16:33:23
