O'Reilly 'to acquire APN'

Irish billionaire Sir Tony O'Reilly may have a new dance partner to buy out APN News & Media.

The Financial Times newspaper reported just before Christmas that Independent News & Media (INM), the Irish company headed by Mr O'Reilly, is expected to soon announce a deal with private equity partners to acquire APN, publisher of the New Zealand Herald.

In November INM failed to reach agreement with US private equity firm Providence for a A$3.8 billion ($4.3 billion) buyout of APN, according to Australian media at the time.

INM already owns 41 per cent of APN.

- NZPA