DUBLIN - Independent News & Media Plc sold its Verivox Holdings Ltd unit for 16 million euros ($23.8 million) on Monday, taking its total from divestments this year to its target of 150 million euros.
The heavily-indebted media group said the sale, together with the disposal of South Africa's INM Outdoor expected to be completed later this month, meets the target set earlier this year as it seeks to complete a restructuring deal.
The Dublin-based group agreed in a refinancing deal in September to swap 123 million euros of an overdue bond for a 46 percent equity stake and hold a rights issue for the balance of the note, including interest due, up to 94 million euros.
Investment adviser Oakley Capital Investments Ltd said it had acquired a 51 percent stake in Verivox, an independent online consumer price comparison business for energy and telecom services.
It said its Oakley Capital Private Equity LP unit, which invests in mid-market UK and European businesses, had bought the INM stake through VVX (Bermuda) Ltd, a newly incorporated wholly owned subsidiary.
Oakley said VVX bought a further 2 percent interest in Verivox from its founding managers.
Verivox was acquired with no material net debt after taking into account the repayment of a 2.3 million euro (gross) shareholder loan to INM from available cash resources, the company said in a statement.
Verivox's EBITDA for the year ending Dec. 31 is expected to exceed 10 million euros, the company added. (Additional reporting by Kumar Alagappan in Bangalore; Editing by Deepak Kannan and David Holmes) ($1=.6713 Euro)