Independent News and Media is part of a consortium which has agreed an almost €2.3 billion deal to buy Australia's APN News & Media.
APN owns New Zealand's largest newspaper and a string of local radio stations. Independent, which had been a 40% share holder will see its stake diluted and it secures ownership along with private equity groups Carlyle and Providence Equity.
The deal values APN shares at A$6.10 compared to an earlier approach of A$6.05.
Independent News and Media shares were trading up 5 cent at €3.35 in Dublin this afternoon.
