LONDON (Thomson Financial) - Inova Holding PLC said it has signed a letter of intent to sell Berliner Fenster GmbH, a passenger infotainment business, to Axel Springer AG.
Inova said Axel Springer will pay an initial 250,000 eur cash on completion to acquire a 51 pct stake in Berliner Fenster. Inova will receive additional payments, subject to agreed performance criteria for 2008 and 2009. Axel Springer has agreed to purchase the remaining 49 pct within three years of the 2009 audited accounts for Berliner Fenster becoming available, Inova added.
It said this disposal will allow it to focus on the core activities of the group.
Earlier today, Inova said its shares have been suspended from trading on AIM, pending publication of its results and annual report for the year ended Dec 31, which has been delayed due to "logistical delays with the audit".
TFN.newsdesk@thomson.com jro
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