Independent News & Media seeks to sell South African unit - report.

By bne IntelliNews July 12, 2012
Indebted Irish media group Independent News & Media (INM) is seeking to sell its South African publishing business, which is estimated at about EUR 250mn, in order to pay part of its debts, Financial Times reported. INM has appointed Hawpoint and Investec to advise on the potential sale of the South African business, which publishes Pretoria News and The Cape Times and owns the countrys largest property website, and contributes about 30% to INMs group revenue and about 50% to its operating profit. According to Financial Times sources, several companies have expressed interest to buy INMs South African business, with potential buyers including South African black owned and managed investment holding company Shanduka and South African investments company Sekunjalo. INMs South African unit reported revenues of EUR 194.6mn and operating profit of EUR 37.6mn for 2011.

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