Friday 18 April 2014

INM agrees €170m deal to sell off South African media interests

INDEPENDENT News and Media (INM) has agreed a R2bn (€170m) sale of its South African media business.

The company has agreed to sell the South African unit to Sekunjalo Independent Media Consortium, which is controlled by South African businessman and philanthropist Iqbal Surve.

The deal is expected to close later this year.

The disposal is part of a wider reorganisation of INM, which owns Independent Newspapers in Ireland as well interests in radio stations, magazines, newspapers, online media and outdoor advertising companies around the world.

The agreement is subject to clearance by competition authorities in South African and approval by shareholders of INM at an extraordinary general meeting (EGM).

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