Harte-Hanks To Sell Shoppers Division To OpenGate Capital For $22.5 Mln

(RTTNews) - Harte-Hanks Inc. (HHS) announced it has entered into a definitive agreement to sell the assets of its Shoppers division to subsidiaries of OpenGate Capital for approximately $22.5 million in cash proceeds. The transaction is expected to close before September 30, 2013 upon satisfaction of customary closing conditions.

Harte-Hanks anticipates the transaction will result in a one-time after-tax loss of approximately $15.0 million to $20.0 million, and cash tax savings of approximately $6.0 million to $7.5 million. The company intends to use the proceeds from the transaction for general corporate purposes.