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BRIEF-Johnston Press to buy newspaper i for 24 mln stg
February 12, 2016 / 12:08 PM / 2 years ago

BRIEF-Johnston Press to buy newspaper i for 24 mln stg

Feb 12 (Reuters) - Johnston Press Plc

* Proposed acquisition

* Conditionally agreed to acquire business and certain assets of i from independent print limited through a wholly owned subsidiary for a total consideration of 24 mln stg,

* Acquisition to be satisfied as to £22 million in cash on completion and as to £2 million in cash on 20 april 2017.

* Acquisition would create uk’s fourth biggest news publishing group

* 24 mln stg consideration for deal will be satisfied from group’s existing cash resources

* Expected cost savings and revenue synergies are to provide additional benefits.

* Consideration of 24 mln stg represents 4.6x i’s unaudited “carve-out” operating profit of 5.2 mln stg in year ended Sept. 27 2015

* Expected cost savings and revenue synergies are to provide additional benefits Source text for Eikon: Further company coverage:

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