APN appoints brokers for NZME. float

Chief executive Jane Hastings during the launch of the change of brand name of APN to NZME. Photo / Dean Purcell.

APN News & Media has appointed brokers Credit Suisse/First NZ and Forsyth Barr to advise the company on the possible initial public offer (IPO) and share market float of its New Zealand assets, which include the New Zealand Herald.

The Australian media company hired investment banking specialists Grant Samuel in September to advise on a sale process for the local operation, which it has put into a separate business.

A date for issue has not yet been set.

The New Zealand assets, under new title of NZME., include the Herald, several regional newspapers, The Radio Network and the daily bargain website, GrabOne.

Sources said it APN was expected to retain a cornerstone stake of about 40 per cent of the company after the float.

In May, APN appointed Jane Hastings to run the New Zealand operation.