WASHINGTON (dpa-AFX) - Blucora, Inc. (BCOR), a provider of technology-enabled financial solutions, announced late Monday that it has entered into a definitive agreement to sell its Monoprice business to YFC - BonEagle Electronic Co., Ltd for $40 million in cash.
The company will use the net proceeds from sale to reduce debt.
The transaction is expected to close in the fourth quarter, subject to the satisfaction of customary closing conditions.
Financo is serving as exclusive financial advisor to Blucora in connection with the sale.
John Clendening, president and chief executive officer of Blucora, said, 'This announcement marks the final step in our transformation to a financial solutions firm... earlier in the year we sold our legacy Infospace business and we will soon divest Monoprice. We have driven strong cash-flow performance and made terrific strides in de-levering the business.'
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