Independent News and Media (INM), the Irish publishing group, has sold its South African unit, Independent Newspapers SA to Sekunjalo Independent Consortium, owned by philanthropist Iqbal Surve, for a cool R2 billion.

This after the group announced in July of last year it had appointed advisers to look into the various options for the South African unit. 

The Irish publishing group has seen “high levels of debt and tough trading” resulting in restructuring and the sale of their flagship United Kingdom paper, The Independent.

The sale will need to be approved by shareholders and the Competition Commission.

[Source: News24]