ErosSTX Enters Into a Definitive Agreement for the Sale of its STX Entertainment Subsidiary to The Najafi Companies
Retrieved on:
Tuesday, December 7, 2021
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At the closing of the transaction contemplated by the purchase agreement, an affiliate of Najafi will acquire STX Entertainment through the purchase of all of the issued and outstanding shares of common stock of a parent entity of STX Entertainment and wholly-owned subsidiary of ESGC.
Key Points:
- At the closing of the transaction contemplated by the purchase agreement, an affiliate of Najafi will acquire STX Entertainment through the purchase of all of the issued and outstanding shares of common stock of a parent entity of STX Entertainment and wholly-owned subsidiary of ESGC.
- Under specified circumstances set forth in the purchase agreement, Najafi will be required to pay ESGC a termination fee of $4.5 million (less the $2 million Najafi deposit) if Najafi fails to close the transaction.
- The transaction with Najafi is subject to customary closing conditions, including its lenders confirmatory due diligence.
- The Najafi Companies, based in Phoenix with offices in Los Angeles and New York, is an entrepreneurially driven private investment company founded by Jahm Najafi in 2002.