Independent News and Media has announced that it has agreed detailed heads of terms with Sekunjalo Independent Media Consortium for the sale of INM South Africa for R2billion (c. €170 million)
The Sekunjalo consortium of investors is led by Iqbal Survé, a SA philanthropist and former doctor to ex-president Nelson Mandela. Commenting on the agreement, Survé said “I am delighted that I have the opportunity to bring these newspapers, this national asset, back to South Africa. I am bringing Independent back home.”
The agreement will require the approval of INM shareholders and the competition commission in South Africa
Ireland, Dublin & South Africa, Cape Town
- Independent News & Media PLC to explore “strategic options” for its South African operation Posted on July 18, 2012
- Independent News & Media’s 49% of Verivox sold to Oakley Capital Private Equity for €18.3M Posted on December 7, 2009
- Independent News & Media report operating profits of £75M Posted on March 23, 2012
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