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PROPOSED RESTRUCTURING AND SALE OF THE WILSON & HORTON GROUP TO APN NEWS & MEDIA LIMITED
The Board of Independent News & Media PLC ("Independent" or the "Company") announces a significant restructuring of its Australasian interests under which it has entered into a conditional agreement to sell Wilson & Horton Limited, its subsidiaries and Wilson & Horton Finance Pty Limited, to APN News & Media Limited ("APN"), a company in which Independent currently has a 40% interest. The aggregate consideration for the Transaction is NZ$1,500 million (approximately EUR690 million or A$1,232 million) which includes cash and the assumption of debt by APN.
In the year ended 31 December 2000, Wilson & Horton Limited had revenues of NZ$471 million, earnings before interest and tax of NZ$109 million and net assets of NZ$1,145 million. Please click here for full details.