Coral Gables, Florida-based Bloc Development Corp has completed the sale of its Expert Software product line to a new company formed by private equity firms TA Associates, Geocapital Partnership and JMI Inc: the price set is $9.1m, $5.75m of which was paid in cash on closing, with another $2.1m to be paid over the next 60 days, and the remainder to be paid over a five-year period; proceeds from the sale will be used to pay all of Bloc’s corporate debt of $2m in notes payable, and for payment of approximately $1.35m to Expert’s trade creditors, the balance going for working capital.
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