SA media arm set for R2 billion sale
The Independent News and Media (INM) group is set to sell its South African arm, which includes online news portal, iol.co.za, and print titles including The Star, The Mercury, and the Cape Times.
According to Reuters, and several other international scribes, the struggling Irish company has agreed to sell its South African unit to a consortium led by Sekunjalo Holdings for R2 billion.
The sale is subject to a final agreement being signed by both parties, but INM said over the weekend that “detailed heads of terms” have been agreed upon.
The deal would also require the approval of INM shareholders and the South African competition commission, INM said in a statement, as reported by Reuters.
In January, Ireland’s Sunday Business Post newspaper reported that INM had received offers of around 150 million euros (R1.77 billion) for its South African unit – approximately 100 million euros (R1.18 billion) lower than the asking price.
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