NZME to pay $55 million in cash and hand over 41% stake for Fairfax NZ

Tue, 06 Sep 2016

By Paul McBeth Sept. 7 (BusinessDesk) - NZME will pay $55 million in cash and issue shares giving Australia's Fairfax Media a 41 percent stake if a planned merger of New Zealand's dominant publishers is given the go ahead. The two media companies signed a merger implementation agreement subject to various approvals that would see NZME add another $90 million to its banking facility so it could buy all the shares in Fairfax New Zealand in a cash and scrip deal, Auckland-based NZME said in a statement. The final consideration is subject to...

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