Saturday 21 October 2017

INM gets competition clearance for sale of SA assets

INM chief executive Vincent Crowley
INM chief executive Vincent Crowley
Ailish O'Hora

Ailish O'Hora

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.

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