ASX-listed Destra is to spin off its Web Hosting division, Destra Hosting, to BlueFreeway.
The deal, worth $20 million, is subject to BlueFreeway – a newly formed digital and interactive marketing company – successfully listing on the ASX.
The deal consists of $18 million in cash and $2 million in BlueFreeway shares.
Destra’s hosting business has a customer base of about 13,000.
In an ASX statement, Destra CEO Domenic Carosa said the funding injection would be used to strengthen Destra’s balance sheet and to fund acquisitions of profitable digital media businesses.
It is also expected that BlueFreeway and Destra will now enter a co-marketing and reciprocal hosting and communication services announcement.
Destra to sell hosting division
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