INM Sells SA Interests for €170m
Posted: 2/21/2013  |  By: Conor Keane | Irish Examiner
Independent News and Media (INM) has sold off its extensive South African newspaper business for €170m as it battles to reduce its €420m debt mountain.However, the asset sale delivered far less than the initial sale estimates of around €240m and the disposal of Independent News and Media South Africa (INMSA) will now deliver R2bn (€169.1m) gross from the sale, which industry sources estimated to be a respectable seven times EBITDA (earnings before interest, taxes, depreciation and amortisation).