12:50 PM EDT, 06/18/2024 (MT Newswires) -- Advantage Solutions ( ADV ) said Tuesday it has agreed to sell its digital advertising platform, Jun Group, to Verve Group, a Swedish digital advertising firm.

The sale is expected to generate about $185 million, with $130 million in cash at deal closing, and additional payments after 12 and 18 months, the company said.

The company said it plans to use the initial proceeds primarily to reduce debt and reinvest in its business operations, aiming to lower its net leverage ratio below 3.5x.

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