Cape Town - Media group Independent News & Media (INM) has agreed to sell its South African unit to a consortium of investors for R2-billion, the Irish company said on Sunday.

INM said “detailed heads of terms” have been agreed on the sale of Independent News & Media South Africa, which publishes The Star, The Pretoria News and The Cape Times, to the Sekunjalo Independent Media Consortium.

The consortium is led by Sekunjalo Holdings, among the leading black investment groups in South Africa.

The Irish publisher has radically restructured in recent years, selling its flagship British title The Independent, as well as interests in India and closing money-losing newspapers in Ireland.

The sale will be subject a final agreement being signed by both parties and will require the approval of INM shareholders and the South African competition commission, INM said in a statement. - Reuters