3i makes 39% IRR on newspaper deal
3i has announced that it has entered into an agreement to sell Local Press Ltd, owner of the Belfast News Letter and Derry Journal, to Johnston Press plc in a £65m deal. 3i will receive proceeds of £40m which represents a money multiple of 1.7x and an IRR of 39% on its original investment. The deal is conditional upon the approval of the Irish Competition Authority.
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