NexCen Brands (NEXC) to Sell Waverly Business to Iconix (ICON) for $26M
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NexCen Brands, Inc. (NASDAQ: NEXC) today announced that it has entered into an asset purchase agreement to sell its Waverly business to Iconix Brand Group, Inc. (NASDAQ: ICON) for $26 million in cash. Also, Iconix will assume certain future liabilities associated with the Waverly business. NexCen will use the proceeds from the sale to pay off all of the outstanding Waverly debt of $21.3 million. Following the repayment of this Waverly debt, the remaining sales proceeds, net of transaction expenses, will be used to pay down debt associated with NexCen's Bill Blass business.
NexCen Brands, Inc. operates as a brand management and franchising company in the United States and internationally.
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