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Yellow Brick Road has formed a strategic alliance with Nine Entertainment Holdings.
Under the alliance, Nine will invest $13 million in Yellow Brick Road via a subscription for ordinary shares at a price of $0.40 per share, giving the company a 19.9 per cent stake in YBR.
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The Nine investment is subject to a number of conditions including the completion of a due diligence process satisfactory to Nine and YBR Group, completion of the acquisition of YBR by ITS and the intended public raising by YBR Group, both as approved by ITS shareholders.
A YBR spokesperson told The Adviser that the alliance would support the group's branch managers, which offer home loans and other financial products, as well as YBR's recruitment potential.
"The association with Nine will offer strong marketing and brand building networks for YBR and our branch channel," the spokesperson said.
