INM sells its German price comparison site for €18.3m

Independent News & Media has sold its 49% stake in German website Verivox for €18.3 million (£16.6 million).

The deal forms part of the ailing company’s restructure, which has seen it dispose of certain assets in a bid to reduce its substantial debt.

The London-based private equity group Oakley Capital acquired Verivox -the price comparison site for energy and telecoms services.

INM confirmed that the price paid includes the repayment of a €2.3 million (£2.1 million) loan from Verivox to INM, which must be handed back by the end of March 2010. INM is also due a further €1 million next year if Verivox achieves profit targets for 2009.

INM plans to use the initial €16 million cash payment to pay off its debt.

The ailing company will also offload its South African ad business INM Outdoor by the end of the year, following shareholders approval late last month.

INM said the INM Outdoor sale will take its total proceeds from disposals this year to €150 million.

The company’s restructuring plan aims to reduce its overall debt by €350 million.