Independent News and Media (IN&M) has sold its stake in German website Verivox for €18.3 million. The 49 per cent stake in Verivox, which is an online price comparator for energy and telecom services, has been bought by a subsidiary of Oakley Capital Private Equity, VVX Investments.

The €18.3 million includes repayment of a €2.3 million loan made to Verivox by IN&M. A further €1 million will be payable in 2010 if Verivox achieves targeted Ebitda for 2009. IN&M said the initial net proceeds of the deal would be in the region of €16 million and would be used to pay down senior debt.

IN&M is also expecting to dispose of its South African advertising business IN&M Outdoor this month, a move that shareholders had approved in November.

Together with the Verivox sale, that would bring the total proceeds raised from disposals by IN&M in 2009 to about €150 million.