INM gets competition clearance for sale of SA assets
INDEPENDENT News & Media has received competition clearance for the €170m sale of its South African assets.
INM shareholders approved the disposal of INMSA on June 17 and has gotten the green light from the South African Competition Commission for the disposal.
All of the proceeds, approximately €170m, will be used to reduce debts at INM – this secures the first stage of restructuring at the media company as set out in a circular to shareholders dated May 24.
The company publishes a number of newspapers including the Irish Independent, Sunday Independent and the Evening Herald.