PGC's Torchlight sells UK newspaper group for $45 million

Fri, 30 Oct 2015

By Suze Metherell Oct. 30 (BusinessDesk) - Torchlight Fund LP, a subsidiary of financial services firm Pyne Gould Corp, has sold its stake in UK newspaper group Local World for about $45 million. Torchlight's 10.55 percent stake in the media group has been bought by Trinity Mirror, which is buying out the 80 percent of the company it doesn't already own, the Guernsey-based, NZX-listed parent said in a statement. Torchlight will receive about 20 million British pounds, of which 13.7 million pounds will be in cash, 5 million pounds in Trin...

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