Southnews has today announced the proposed acquisition of Denitz Investments. As a result of the £52 million deal, the regional newspaper group will increase its portfolio by a further 33 titles in Kent, Greater London, Lincolnshire and Nottinghamshire.
Southnews is currently the tenth largest regional publisher in Britain with 52 paid and free titles in West and Central London (see Trinity Mirror Heads Regional Press League). Denitz was previously known as Adscene and changed its name after a management buy-in last year (see 3i Backs £75.4m Management Buy-In Of Adscene). The acquisition of Denitz by Southnews will allow it to strengthen its base in London and expand its business into other areas. Southnews plans to place 1,825,000 shares at 685p per share to raise £12.5 million to help fund the deal.
Chairman of Southnews, Gareth Clark, said: “The acquisition of Denitz Investments represents an excellent fit with the existing businesses of Southnews and is consistent with our stated acquisition strategy. The acquisition will significantly strengthen our London operations whilst also providing a substantial presence in Kent.”
Southnews: 01932 566 311
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