NEC 0.79% $1.26 nine entertainment co. holdings limited

News: NEC Australia's Nine Entertainment to buy Fairfax Media for $1.6 bln

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    July 26 (Reuters) - Television broadcaster Nine Entertainment Co Holdings Ltd (NEC) said on Thursday that it had entered a scheme implementation agreement to acquire newspaper publisher Fairfax Media Ltd (FXJ) for A$2.16 billion ($1.61 billion).

    Under the offer, Fairfax shareholders will receive 0.3627 Nine shares and A$0.025 in cash for each Fairfax share, the companies said in a joint announcement.

    Nine shareholders will own 51.1 percent of the combined entity, while Fairfax shareholders will own the remaining 48.9 percent.

    ($1 = 1.3428 Australian dollars)

 
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