Independent Newspapers sold to Sejunjalo consortium - INM

Sale of company's South African assets for R2bn subject to various approvals


Ticker: (Bloomberg) INM.ID/INM.LN and (Reuters) INME.I/INME.L

17 February 2013, Dublin/London: the Board of Independent News & Media PLC (‘INM') confirms that it has agreed detailed heads of terms with Sekunjalo Independent Media Consortium for the sale of INM South Africa for a consideration of R2billion.

The disposal of the South African business will require both INM shareholder approval and Competition Commission approval in South Africa.

The transaction is subject to finalisation of further approvals and final agreement being signed by both parties. Pending a further announcement, the detail of the heads of terms shall remain confidential.

Statement issued by Vincent Crowley, Group Chief Executive, Independent News & Media PLC, February 17 2013

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