Independent in €2.3bn Australian media deal
A consortium led by ISEQ-listed Independent News and Media has agreed a €2.3bn takeover of Australasian media group APN.
APN News and Media Ltd is the largest operator of regional newspapers, radio broadcasting and outdoor advertising in Australasia with online operations in Australia and New Zealand.
On completion of the transaction, INM will hold a 35% economic interest in the consortium involved in the deal, holding the largest voting interest (c. 39.3%).
The deal values APN shares at A$6.10 compared to an earlier approach of A$6.05.
The deal has been accepted by the APN board and is due to be approved by shareholders in April.
INM currently holds, in aggregate, 191,541,073 shares in APN, representing approximately 41.6% of the existing issued share capital of APN.
Based on the offer price of A$6.10, this shareholding is valued at approximately €700m. After subscribing for its shares in the new consortium company and taking its share of the costs and expenses of the transaction, INM will receive over €350m.
