Alliance Entertainment (AENT) said Tuesday it has won a bidding to acquire essentially all of the assets of Diamond Comics Distributors via a court-supervised bankruptcy process.
The proposed acquisition includes Diamond Comic Distributors, Alliance Game Distributors, Diamond Select Toys & Collectibles, and Collectible Grading Authority. The assets are expected to generate more than $200 million in revenue, the company said.
Alliance said it plans to finance the acquisition through an amendment to increase its existing $120 million revolving credit to $160 million. The amended facility will be secured by a pledge of the acquired assets, alongside the company's existing collateral.
The transaction and credit facility amendment are expected to close in April, subject to final bankruptcy court approval and customary closing conditions, Alliance Entertainment said.
AENT shares were 1% higher in recent premarket activity.
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