Wilmington, Massachusetts-based CMG Information Services Inc has sold its equity interest in TeleT Communications LLC to Premiere Technologies Inc in a cash-and-shares transaction that carries a pre-tax gain of $7.5m. CMG, which acquired its stake in TeleT Communications in April, received $500,000 in cash and 320,833 shares of Premiere common as part of the deal. It had owned a 46% stake in the company prior to the transaction. It said the deal represented a return on investment of around 10 times in six months.
