Belfast Telegraph owners agree to £125.7m takeover

The owners of some of Northern Ireland's biggest newspapers have accepted a takeover offer by a Belgian media group for €145.6 million - or £125.7 million.

Independent News and Media (INM) publications include the Belfast Telegraph, Sunday Life and the Sunday World.

The board of INM unanimously accepted the takeover by Mediahuis and announced the media group's acquisition on Tuesday 30 April.

Mediahuis is a private European media group that was founded in 2013 with owned brands including De Telegraaf, NRC Handelsblad, NRC Next, De Limburger and Noordhollands Dagblad.

INM bought the Belfast Telegraph in 2000 for £300 million - which was then equal to €487 million.

Under the terms of the acquisition, INM shareholders will receive 10.5 cents - or 9p - per share.

Ireland's largest media group, INM publishes the Irish Independent, Sunday Independent, and the Herald in the Republic - and also has a 50% holding in the Irish Daily Star.

In the Republic of Ireland, INM accounts for more than 50% of the daily market and over 65% of the Sunday market - and had revenues of €191 million euros - or £164.9 million - in the last financial year.

Mediahuis currently employs more than 3,200 people and reported a turnover of €819 million - or £707.2 million - last year.