Independent News and Media has been sold for €145.6m.
The group which includes titles like the Irish and Sunday Independent has been bought by the Belgian media group Mediahuis.
Under the terms of the sale shareholders will receive 10.5c per share. The company employs nearly 800 people in Ireland.
“As a private European media group with a strong portfolio of news media and digital brands, Mediahuis is optimally positioned to facilitate the continued development of INM as a leading Irish media company,” said Gert Ysebaert, CEO of Mediahuis.
“We believe that there is a clear rationale for the acquisition and that INM will thrive under Mediahuis’ ownership.”
Murdoch MacLennan, Chairman of INM added they are “pleased” with the transaction, saying it was an “excellent outcome” for the company and 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,” said Mr MacLennan.
“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.”