SYDNEY (Reuters) – Canadian media tycoon Conrad Black will sell his 25% stake in Australia’s Fairfax group, which could help clear the way for billionaire Kerry Packer to take control of the country’s oldest newspaper empire.
Under a deal approved by the Australian government, Black’s Hollinger Intl. will sell 20% of John Fairfax Holdings Ltd. to New Zealand’s Brierley Investments Ltd. for A$447.1 million ($353.2 million), Brierley said on Monday.
Brierley said it also had a conditional agreement to purchase the remaining 5% stake held for another $84.3 million, subject to Fairfax shareholders approval.
Brierley is an investment group based in Auckland, New Zealand, noted for taking strategic stakes in companies and then selling at a profit.