APN News & Media has put up its remaining shares in outdoor advertising agency APN Outdoor for sale. The exit deal is valued at USD69 million, according to The Australian.
Shares in the news entity surged 5.32% during the intraday trading. The publishing company said it had inked a long form legal documentation. The divestment is made to pay down the debt of the firm, the report stated.
In a statement, the company said, "However, the transaction remains conditional upon a number of approvals, including FIRB [Foreign Investment Review Board] approval, and is expected to occur in late January 2014."
In financial year 2012, APN's debt amounted to USD479 million. This was down from USD661.03 million in financial year 2011. Under the management of chief executive Michael Miller, APN has made efforts to simplify the company's corporate structure by reducing its joint venture arrangements, the report explained.
Last year, APN sold a controlling stake in APN Outdoor to private equity firm Quadrant for USD174.2 million, The Australian reported.
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