SOUTH Africa’s Primedia has agreed to buy Kagiso Media Ltd in a share and cash deal, giving the media and communications group better access to the large black market. The deal involves the issue of 14.77 million Primedia ordinary combined units – which closed at R6.30 on Wednesday – and the payment of R257m in cash, plus a top-up payment of a maximum of R13.6m. Primedia said the merger would strengthen its black empowerment credentials, and so improve its chances of securing media rights and enhance its growth prospects. – Reuters
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