NZME to pay NZ$55m for majority of Fairfax NZ assets under merger plans

Miranda Ward

September 7, 2016 10:38

Details have emerged of the merger between NZME and Fairfax’s New Zealand assets, with NZME set to pay NZ$55m (AU$53m) to acquire all shares in Fairfax NZ.

The deal, which is subject to approval from the New Zealand Commerce Commission, will see a wholly owned NZME subsidiary pay NZ$55m in cash for Fairfax NZ’s assets, and issue Fairfax Australia with a 41% share in the company. However that arrangement is subject to the amount of debt staying the same.

In May, NZME’s former parent company APN News & Media confirmed it was in talks with Fairfax Media to “explore” a merger between its New Zealand business NZME and Fairfax New Zealand.

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Miranda Ward

Miranda Ward worked for Mumbrella from 2013 to 2017, eventually becoming deputy editor. Miranda joined Mumbrella in September 2013 from Sky News.