Media org is combining with equipment firm
SYDNEY — Seven Network’s unusual merger with heavy equipment firm WesTrac has cleared the final hurdle with the Australian Federal Court approving the deal.
The move will see Kerry Stokes’ WesTrac link with media org Seven Group, of which Stokes is the topper, to form the new combined entity Seven Group Holdings.
Stokes applauded the court’s decision. “It is excellent news that the merger can now go ahead, following court approval and the strong support of Seven shareholders last week. Our key objective for SGH will be to drive long-term shareholder value creation and to ensure the numerous growth opportunities available to the combined group are executed for the benefit of all shareholders.”
Seven shares will be suspended on April 29, returning to the market as SGH shares on May 14.