The specialist radio company said an initial £11m would be paid on completion of the deal, with additional payments of up to £5.5m to be paid depending on the division's performance within one year after the deal's completion.
In May, UBC announced that the total sale price would be £15m, of which £1m could be satisfied in the form of Global Traffic stock.
The sale is now expected to close on or before 20 October. The previously anticipated closing date was on or before 31 July.
UBC's commercial division supplies traffic, news and entertainment information to approximately 250 radio stations in the UK, in exchange for commercials that are then sold to advertisers.
The stations currently served by the division have a non-duplicated reach of approximately 16.7 million weekly listeners, greater than GNET's combined reach in Australia and Canada.
United Kingdom
UBC revises Global Traffic Network deal
LONDON - UBC Media, the specialist radio group, has revised the terms of its £15m deal to sell its traffic, news and entertainment information to US-based Global Traffic Network and that the full consideration will now be in cash with no share element.
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