INM set to sell South African operation at knock-down price

INM is said to be close to reaching an agreement to sell its South African business to the consortium headed by Iqbal Surve for between €160 million and €170 million.

17th February, 2013

Independent News and Media (INM) is understood to be close to reaching an agreement to sell its South African business to the consortium headed by philanthropist Iqbal Surve for between €160 million and €170 million.

The price tag will be well short of the €240 million to €250 million first flagged for the sale, and has not been helped by the weakness in the South African rand. Even when agreement is reached, it will take...

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