Dublin-based newspaper publisher Independent News & Media has announced it will sell its South African unit, INM outdoor, for Ôé¼98 million.
The group is expected to sell the division to Helios Investment Partners, a pan-African private equity group headquartered in London.
The deal, which is part of INMÔÇÖs ongoing strategy to cut debt, will require approval from shareholders and the groupÔÇÖs banks and bondholders.
INM owns newspapers in South Africa, Ireland and New Zealand.
The group has recently announced a fall in its first-half profits as advertising revenue dropped by 20 per cent, due to the decline in the UK advertising market.
It has recently slashed its annual costs by Ôé¼91 millionÔÇöa reduction of 7.5 per cent.
Along with the sale of its South African unit, the group is expected to dispose of Verivox, an online price comparison site.
