Time Completes £1.15bn IPC Takeover

Time Inc has announced the completion of its acquisition of IPC Group Limited, the parent company of IPC Media, from Cinven. The purchase price is £1.15bn, including the cash in the company.

The deal was announced in July (see AOL Buys IPC Media For £1.15bn), following months of speculation about possible talks, thought to be held up by the issue of valuation (see IPC/Time Warner Deal May Be Back On).

Completion of the acquisition means that IPC, one of the leading magazine publishers in the UK, will report to a major international media player, itself formed by the merger of Time Warner and internet giant AOL (see AOL And Time Warner Confirm Mega-Merger).

IPC Media: 0870 4445000 www.ipc.co.uk

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