Independent News & Media has spent $7.5 million on a 20 percent stake in Indonesian newspaper publisher Abdi Bangsa TBK, the Independent reported Friday.
Abdi Bangsa, which publishes Indonesia's highest circulated daily papers, also has online publishing, magazines, books, radio and outdoor advertising interests.
The all-cash consideration will be held by a share rights placement and a stock purchase from existing shareholders. Combined, INM will hold a 20 percent share, the Independent reported.
The purchase adds INM's presence to another country, as it already reaches into markets in Ireland, Australia, New Zealand, India, South Africa and the United Kingdom. Abdi Bangsa's largest shareholder is Mahaka Media/Erick Thohir, who has a 52 percent stake, according to the Independent.
Sir Anthony O'Reilly is INM's biggest shareholder, and holds a share of just under 28 percent. O'Reilly's son, Gavin O'Reilly, is chief operating officer of INM, and also president of the World Association of Newspapers' executive committee and board.