H Bauer has agreed to buy Emap’s magazine and radio businesses for £1.14 billion.
Both sales are dependent on shareholder approval, while the sale of the radio business is also conditional on completion of the sale of Emap’s Irish radio business or, if there is not a sale, the transfer of Emap’s Irish Radio business to Emap.
Emap also announced this morning that it will not be selling its business-to-business division, which publishes trade magazines and exhibitions.
Alun Cathcart, Emap executive chairman, said: “We are pleased to have achieved a successful outcome in the review of Emap’s Group structure. The price achieved for Emap Consumer Media and Emap Radio fully reflects the value of the two divisions.
“Emap will now be a focused B2B company with strong market positions, strong cash flow and a proven management team and track record in delivering value and growth.”
The group put itself up for sale in July following pressure from shareholders and a less than impressive share price (see Emap Launches Review Of Structure And Assets).
After the completion of the disposals, Emap intends to return approximately £1 billion of the proceeds to shareholders.
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