StockMarketWire.com - The Vitec Group announced it sold on 1 August 2017 its US broadcast services business, Vitec Broadcast Services, known as Bexel, to NEP Supershooters, a subsidiary of NEP for $35 million (£26.5 million). Bexel provides premium outsourced broadcast services and rental equipment focused on the US sports, entertainment and live event production markets. With offices in more than 20 countries around the world, NEP serves the premium sports, entertainment and other live events production markets, where it offers outsourced solutions, including remote production, studio production, video display and host broadcasting. The disposal represents a further step in the transformation of the group and supports Vitec's stated aim of improving operating margins. For the year ended 31 December 2016, Bexel generated an adjusted operating loss of $1.9 million (£1.4 million) on revenue of $64.2 million (£47.7 million) and operating cash of $5.2 million (£3.8 million) after capex of $9.6 million (£7.1 million) and rental asset disposals of $5.5 million (£4.1 million). As at 31 December 2016, gross assets were $37.6 million (£30.4 million). Estimated net assets at completion are $25 million (£18.9 million). Bexel continued to make an operating loss in H1 2017, with a break-even operating result targeted for H2 2017. The disposal is expected to improve Group margins and ROCE and to be neutral to FY 2017 adjusted earnings per share. The net cash proceeds of $32 million (£24.2 million) will be used to reduce the group's net indebtedness. Halid Hatic, who was Senior VP of Vitec Broadcast Services will be retained by Vitec to assist with the growth of the Broadcast Division in the US. Story provided by StockMarketWire.com