MELBOURNE, Feb 21 (Reuters) - West Australian Newspapers has agreed to buy Seven Media Group and raise capital to help pay for the deal, it said on Monday on announcing its first-half results after newspapers said it would buy the broadcaster and magazine group for A$3.5 billion ($3.5 billion).
Seven Network is owned by private equity firm Kohlberg Kravis Roberts and Kerry Stokes' Seven Group, which already owns more than 20 percent of WAN.
WAN said it would sell news shares through an entitlement offer of convertible loan securities, a general public offer of new shares and a placement to KKR, mezzanine investors and SMG management.
(Reporting by Sonali Paul; Editing by Balazs Koranyi) Keywords: WAN/TRANSACTION (Sonali.Paul@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Seven Network is owned by private equity firm Kohlberg Kravis Roberts and Kerry Stokes' Seven Group, which already owns more than 20 percent of WAN.
WAN said it would sell news shares through an entitlement offer of convertible loan securities, a general public offer of new shares and a placement to KKR, mezzanine investors and SMG management.
(Reporting by Sonali Paul; Editing by Balazs Koranyi) Keywords: WAN/TRANSACTION (Sonali.Paul@thomsonreuters.com) COPYRIGHT Copyright Thomson Reuters 2011. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2011 AFX News
