Blucora, Inc. (BCOR) Announces Sale of Monoprice Business
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Blucora, Inc. (Nasdaq: BCOR) announced that it has entered into a definitive agreement to sell its Monoprice business to YFC – BonEagle Electronic Co., Ltd, a leading provider of power cord sets and networking peripherals, for $40 million in cash.
"This announcement marks the final step in our transformation to a financial solutions firm,” said John Clendening, president and chief executive officer of Blucora. "We have done exactly as we said we would: 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. The progress we’ve made toward becoming a technology-enabled financial solutions company is unmistakable and I’m excited about the terrific growth potential we see ahead.”
"Our ultimate goal is to create a sales/manufacturing dual-force dynamic for the group's next generation growth. This acquisition will allow YFC-Monoprice to consolidate purchasing bargaining power via Asia supply chain integration and make our strong product offering and market coverage in the United States even more comprehensive and competitive," said Mr. Chun-Rong Yeh, Chairman of YFC-BonEagle.
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 this transaction.
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