MTG Sells TRACE Shares

MTG has signed an agreement to sell its 75 percent shareholding in TRACE Partners—which controls 21 pay-TV channels, among other assets—to TPG Growth.

TRACE, founded in 2003, is a global multiplatform media and entertainment company that is recognized as the leading youth media brand in Sub-Saharan Africa. It owns and operates 30 digital and mobile services, 21 pay-TV channels and seven FM radio stations. The transaction values the business at €40 million ($48.1 million). Closing is subject to regulatory approvals.

Jørgen Madsen Lindemann, MTG’s president and CEO, said: “TRACE is a great business that we have enjoyed developing together with its talented management team over the past four years. TRACE is a global pioneer in Afro-urban entertainment and is now rolling out its streaming service TRACE Play around the world.

“Our focus at MTG is on the accelerated digital transformation of our broadcasting businesses, and the rapid expansion of our MTGx digital entertainment portfolio. We are delighted that TPG Growth will now support the next steps in TRACE’s development. We thank the whole TRACE team for their dedication to delivering fantastic entertainment experiences during their time as part of the MTG family, and we wish them every success moving forward.”

Olivier Laouchez, co-founder, chairman and CEO of TRACE, added: “By partnering with TPG Growth, a global investor known for its ability to grow and scale businesses, we are well-positioned to build on our success and accelerate our transformation into the leading global afro-urban digital entertainment group. We will leverage our unique assets and TPG Growth’s deep experience with groundbreaking entertainment and technology businesses to launch Episode 2 of TRACE.”