Independent News & Media will create a new media conglomerate spanning Australasia following its decision merge its New Zealand-based subsidiary Wilson & Horton to Australia’s APN, increasing Independent’s stake in APN to 45 per cent.
The restructuring which takes the form of a sale of Wilson to APN, values Wilson & Horton at approximately € 690 million.
Explaining the reasoning behind the restructuring, Independent said the combination of APN and Wilson & Horton will enable rationalisation of APN's cost base and consolidation of certain business interests due to the complementary nature of the businesses.