Glacier Media affiliate to sell JWN Energy information business

GVIC Communications Corp. agreed to sell its JWN Energy information business to energy information business geoLOGIC systems ltd. for C$4.5 million in cash at closing plus an earnout of up to C$3.5 million, for a total of up to C$8 million.

The earnout is revenue-based and payable over three years, the company said in a press release. The upfront capital and potential earnout proceeds may be used for investment in GVIC's core growth opportunities.

The transaction is expected to close on or about March 12, subject to closing conditions.

GVIC is an affiliate of information and marketing services company Glacier Ventures International Corp., or Glacier Media Inc., which offered to buy all of GVIC's class B voting and class C non-voting shares that it does not already own earlier this year.