LONDON - Independent News and Media, the media and newspaper group, is expected to finalise the sale of its German price comparison website Verivox later today.
he group is looking to sell its 49% stake in the site in a deal valued at €17 million (£15 million) to Oakley Capital, a private equity group.
The deal will provide a financial boost for the publisher of The Independent and The Independent on Sunday which became a co-owner of the company three years ago for less than £2m.
The move follows INM selling its 18% stake in Cashcade, owner of the Foxy Bingo website, to PartyGaming, for £12.9 million in July.
Dublin-based INM, which has accumulated debt of £1.2 billion, is in the process of a financial restructuring.
The group has unveiled plans to sell its South African outdoor advertising business INM Outdoor.
In September, the board of INM dismissed calls from rebel shareholder Denis O'Brien to close or sell The Independent and Independent on Sunday.
According to an INM spokesman, the completion of the disposal of Verivox, together with that of INM Outdoor (expected later this month) will bring the total proceeds raised from disposals by INM in 2009 to approximately €150 million.
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