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Iata to sell subsidiary to Thorosol for $3.7m

Iata to sell subsidiary to Thorosol for $3.7m

Imaging technology company Iata Limited (ASX:IAT) has decided to sell its wholly-owned subsidiary Iata Imaging to Thorsol Pty Ltd in a deal worth $3.7 million.

Iata, which is struggling with long-term cashflow problems, said Thorsol is offering a 5.2% stake in itself for the unit – an offer Iata directors have accepted pending shareholder approval.

Thorosol has further said it intends to complete a reverse takeover of e-content and unified communications solutions provider Azurn International (ASSX:AZU) in a $67.5 million transaction.

If this deal goes ahead, Iata's holding will be converted into Azurn shares.

Iata added that Thorosol is helping it find another business Iata can acquire, which would allow it to lift its ASX suspension, but said the timing of any deal remains unclear.

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Tags Iata Limitedrestructure planreverse takeoverThorosolAzurn International

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