The sale of UBC Media's Commercial Division to Global Traffic Network was passed today at a General Meeting held by UBC. The Sale is expected to be completed on or around 2 March 2009.
GTN UK announced they had bought the Commercial Division of UBC Media for a cash consideration of £9 million earlier this month.
Agreed conditions of the sale include the transfer of UBC COO John Quinn, who GTN see as crucial to the future successful of the company, and Chief Executive of UBC Simon Cole signing a three year non-compete and non-solicitation restrictions agreement to stop Simon starting or joining a rival company.
When the deal was [link=http://radiotoday.co.uk/news.php?extend.4351.2]announced[/link] on Feb 2nd, Simon Cole said: "The talented Commercial team at UBC has spent 13 years building up a market leading networking business in the U.K. and now it is time for that to be part of a bigger international operation. I'm hugely grateful to every member of the team for the contribution they have made to delivering value for UBC's shareholders and delighted to be working with them and Global Traffic Network to take the business to a new level."