INM acquires advertising company in €86.6m deal
Independent News & Media (INM) today announced that it has agreed with Clear Channel Outdoor (CCO) to acquire the company's 50% interest in Africa’s largest outdoor advertising company, Clear Channel Independent, based in Johannesburg, South Africa.
INM has owned CCI as a joint venture with CCO since 2001, and this transaction simplifies and takes INM’s ownership interest to 100%.
The consideration for this acquisition will be satisfied by the issue of 39 million ordinary shares in INM at the share price at completion. Based on today’s closing price this values the transaction at €86.6m. The transaction is subject to customary South African Regulatory approval, and is expected to complete shortly.
