18 Feb 2013 07:00
INM ANNOUNCEMENT ON SOUTH AFRICAN BUSINESS
Ticker: (Bloomberg) INM.ID/INM.LN and (Reuters) INME.I/INME.L
17 February 2013, Dublin/London: the Board of Independent News & Media PLC ('INM') confirms that it has agreed detailed heads of terms with Sekunjalo Independent Media Consortium for the sale of INM South Africa for a consideration of R2billion.
The disposal of the South African business will require both INM shareholder approval and Competition Commission approval in South Africa.
The transaction is subject to finalisation of further approvals and final agreement being signed by both parties. Pending a further announcement, the detail of the heads of terms shall remain confidential.
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For further information, please contact:
Pat Walsh | Vincent Crowley |
Murray Consultants Ltd | Group Chief Executive |
Tel: +353 1 498 0300 | Independent News & Media PLC |
Mobile: +353 87 226 9345 | Tel: +353 1 466 3200 |
Email: pwalsh@murrayconsult.ie | Email: vincent.crowley@inmplc.com |