Published: 08 August 2013

Cape Town - Times Media Group is selling I-Net Bridge for R115m to McGregor BFA, which is owned by Naspers, according to a SENS report released on Thursday.

I-Net provides a wide range of investment products comprising real-time and historical market data, packaged with breaking news and powerful analytical tools, allowing investors to make informed decisions.

"I-Net’s future prospects are dependent on being able to compete in a relatively small, proprietary market with major international players," Times Media stated.

"I-Net further requires investment and a global presence to help retain a competitive offering and improve its prospects for sustainable growth."

McGregor BFA provides a similar service, also focused on South Africa, and TMG said on Thursday that it thought McGregor BFA was better placed to position I-Net to "compete in a relatively small, proprietary market with major international players."

The deal still needs to get the nod from the competition authorities.
 
Naspers acquired a controlling stake in McGregor BFA in 1998.

- sens

You might also want to read this

• Cabinet approves amendment to medicines law
• Govt urged to expedite one-stop border concept at Beitbridge
• Cabinet approves currency reforms
• Industry embraces Cabinet’s forex decision
• Mnangagwa's Cabinet okays provision of forex for basic goods
• Cabinet approves parastatal reforms
• Travellers hail Beitbridge border post authorities
• Why Beitbridge should fit into National Ports Authority scope
• Volume of travellers in Beitbridge increases
• Zimbabwean scientist wins Cambridge scholarship