Investor Relations
News Detail
INM sells London Regional Newspaper divisions to Archant
Independent News & Media PLC [‘INWS.I’] announced today, that its UK subsidiary, Independent News and Media Limited [‘Independent’], has entered into agreements for the sale of its London regional newspaper operations to Archant Regional Limited [‘Archant’] for a consideration of STG£62.0 million (approximately €88.7 million).
Independent today received cash of STG£52.0m (approximately €74.4 million) from Archant for three of the five newspaper divisions ("Post", "East London" and "North London"). Following statutory changes to the regulatory regime for newspaper transfers/mergers, the sale of the two remaining divisions ("Kent" and "North West") is expected to be completed on or after the 30th December 2003, pursuant to a put and call option agreement entered into today.
