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Johannesburg - The Sekunjalo Independent Media Consortium (SIM) has concluded its purchase of Independent News & Media SA (INMSA), it said on Wednesday.
Newly appointed chairperson Iqbal Surve was delighted the deal was done, it said in a statement. The deal was concluded last week.
"He said having the business back in South African hands was good for the country with its strong stable of titles able to play an important role in positively engaging with the people of South Africa, with the aim of enhancing the country both culturally and economically."
Surve said he was looking forward to working with the staff of the company, both as employees and as future shareholders in the soon-to-be-established Staff Shareholder Trust.
Independent News and Media in Ireland (INM PLC) confirmed on June 17 that its shareholders voted in favour of selling the media group to the Sekunjalo Group.
The two shareholders of INMSA would be SIM, with 75%, and the Government Employees' Pension Fund acting through the Public Investment Corporation (PIC), with 25 percent.
Sixty-three percent of SIM's shares would be held by Sekunjalo Investment Holdings; the Congress of SA Trade Unions' investment company Kopano Ke Matlaka, the SA Clothing and Textile Workers' Union Investments Group, the Food and Allied Workers' Union, and employees, via a special purpose vehicle.
The other 37% would be held by a number of "broad-based value adding partners".
INM PLC chief executive Vincent Crowley said in the statement on Wednesday that he was pleased the sale had been successfully completed.
He said he was confident that in Sekunjalo and Surve's hands the South African business would prosper.
PIC chief investment officer Daniel Matjila said: "Based on our assessment, we are confident that the investment in Independent News & Media will yield the required returns and contribute positively to the South African media landscape."
INMSA CEO Tony Howard said he was excited by the deal and looked forward to working together with the new owners.
INMSA owns the Cape Times, the Cape Argus, the Weekend Argus, the Daily Voice, The Star, Pretoria News, Saturday Star, Sunday Independent, Diamond Fields Advertiser, Weekend Pretoria News, Daily News, The Mercury, Post, Independent on Saturday, the Sunday Tribune, the Zulu daily newspaper Isolezwe, and its Saturday and Sunday editions.
It owns a number of weekly community newspapers in the Western Cape, and has investments in the community newspaper markets in KwaZulu-Natal and Gauteng.
It owns and runs Independent Online and publishes three Conde Nast international magazine brands: House & Garden, GQ, and Glamour.
