Ticketek, Allphones Arena For Sale?

Private equity operator CVC Asia Pacific’s Nine Entertainment Co hopes to sell its Australian sports and entertainment ticketing company Ticketek and Sydney’s Allphones Arena to reduce its $2.7 billion debt.

Investment bank UBS will probably begin a formal sale process early April, the Sydney Morning Herald reports.

The two businesses are expected to be worth $600 million. Ticketek is the largest ticketing agency in Australia, with 200 venues contracted.

Ticketek last year generated a profit of $50 million and Allphones Arena $10 million, according to the Herald.