INM agrees sale of iTouch shares for €100m

Independent News & Media today announced it has agreed to sell its shareholding in iTouch to For-side.com.

The sale of INM's shareholding – which constitutes 37.44% of iTouch plc’s issued share capital – has been agreed at £0.44 per share (about €0.65c), as part of For-side’s offer for the entire share capital of iTouch plc announced today.

If the sale goes through it will be worth £67.25m (about €100m) to INM, equivalent to over 13c per INM share.

Commenting on the announcement, INM’s chief executive, Tony O’Reilly said: "The receipt of €100m in cash will represent a remarkable and most rewarding journey for all of our shareholders."