Remgro in R2.34 billion media buy

Listed holding company Remgro is offering to purchase ElementOne for R2.34 billion, in partnership with Rand Merchant Bank.

The group will offer R475 million  in cash with the rest in stock at a fixed price of 22.507 rand per share.

ElementOne is a holding company with a 40% stake in Caxton and CTP Publishers and Printers.

Caxton owns 41% in Moneyweb, while additional brands include Farmers Weekly, The Citizen, and a number of community titles.

Remgro has an effective interest of 31.6% in Sabido which has a range of media interests, which includes South Africa’s only private free-to-air television channel, e.tv, its sister news service, eNews Channel Africa (eNCA),Gauteng-based radio station, Yfm and various studio and facilities businesses.

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