Independent News and Media has been sold for 145 million euro.
The group which includes titles like the Irish and Sunday Independent has been bought by the Belgian Dutch media group Mediahuis (pr: media house)
Under the terms of the sale shareholders will receive 10.5 cent per share.
The company employs nearly 800 people in Ireland.
In a statement, INM chair Murdoch MacLennan said the board believes the deal “represents an excellent outcome for both the company and its shareholders.”
“The offer from Mediahuis represents a compelling opportunity for shareholders to realise cash for their shareholding in INM, at a price which fairly reflects the company’s performance and standalone prospects,” he said.
“INM has a proud and illustrious history stretching back to the start of the twentieth century and the INM Board believes that this offer from Mediahuis, if approved, will herald an exciting new chapter for our employees, readership and customers.
“Mediahuis already has a strong track record in newspaper and digital media development in Europe, which we feel will provide INM with the best opportunity to achieve its strategic objectives, while continuing to enable it to deliver journalism of the highest quality to the island of Ireland and our readers abroad.”
