Creative Technology (SGX:C76) agreed to divest its Super X-Fi business to spin-off entity, Zeica Labs, for $5 million, according to an after-market filing with the Singapore Exchange on Wednesday.
Shares of the company were down nearly 1% in Thursday trading.
The consideration includes SG$1 million in cash and 40% equity interest in the spin-off entity, which has recently been incorporated in Singapore.
The transaction is expected to complete during the fourth quarter of the year.
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