INM sells APN stake for €121m
Independent News and Media has said that it will repay all of its debts after selling its stake in Australian media company APN for around €121m.
INM, the owner of this newspaper, has agreed to sell its long-standing stake in APN, subject to shareholder approval.
Rupert Murdoch-controlled News Corp said it will buy some of APN's stake in Sydney-based APN following the deal.
INM will keep €115m from the sale, which will be used to repay total borrowings of €125.5m, the Dublin-based publisher said in a statement to the stock exchange.
The sale will allow INM to "focus on its island of Ireland business strategy, build on current performances and position it for future development", the company's CEO Robert Pitt said.
INM is taking advantage of a spike in APN's share price, which has seen the value of APN soar by 50pc in the past 12 months. The shares will be sold in two tranches at 88 Australian cents each next week. That's just 6.4pc below yesterday's closing price.