Independent News & Media (INM) has sold its stake in mobile phone services subsidiary iTouch for €100 million in cash to Japanese company For-Side.
The sale was agreed at 44p per share (65 cent), representing a 26.6 per cent premium to iTouch's closing price yesterday.
INM chief executive Sir Anthony O'Reilly said the receipt of €100 million in cash will represent "a remarkable and most rewarding journey for all of our shareholders".