Premier Exhibitions (PRXI) Acquires Tour, Museum Exhibition Presenter AEI
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Premier Exhibitions, Inc. (Nasdaq: PRXI), reports that it has acquired the assets of Arts & Exhibitions International (AEI), a major presenter of touring and museum exhibitions.
Under the terms of the transaction, Premier's exhibition subsidiary has acquired substantially all of AEI's assets, including new content opportunities, in exchange for a promissory note to be repaid solely out of the revenues from the AEI properties being acquired. Due to the non-recourse nature of the promissory note, no proceeds from the eventual sale of the Titanic assets are required to retire the note. AEG Live will also receive a 10% equity interest in Premier Exhibition Management, LLC, Premier's exhibition operating subsidiary, in connection with the transaction. The transaction is expected to be immediately accretive to Premier's earnings and requires no upfront cash outlay by Premier.
Berenson & Company LLC acted as the exclusive financial advisor to Premier on the transaction. More detailed information on the transaction will be made available in the Company's Form 8-K to be filed later this week.
Under the terms of the transaction, Premier's exhibition subsidiary has acquired substantially all of AEI's assets, including new content opportunities, in exchange for a promissory note to be repaid solely out of the revenues from the AEI properties being acquired. Due to the non-recourse nature of the promissory note, no proceeds from the eventual sale of the Titanic assets are required to retire the note. AEG Live will also receive a 10% equity interest in Premier Exhibition Management, LLC, Premier's exhibition operating subsidiary, in connection with the transaction. The transaction is expected to be immediately accretive to Premier's earnings and requires no upfront cash outlay by Premier.
Berenson & Company LLC acted as the exclusive financial advisor to Premier on the transaction. More detailed information on the transaction will be made available in the Company's Form 8-K to be filed later this week.
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