Hollinger sells remaining Canadian assets
Hollinger International of New York and its Canadian affiliate Hollinger Canadian Publishing Holdings have entered into an agreement to sell "substantially all" of their remaining Canadian assets to an affiliate of Glacier Ventures International for a total price of $121.7 million. These assets include 87% of the outstanding units of Hollinger Canadian Newspapers Limited Partnership and all of the shares of Hollinger Canadian Newspapers GP, Eco Log Environmental Risk Information Services and KCN Capital News. The limited partnership entity owns a Business Information Group which publishes trade magazines, directories, newsletters, electronic databases and specialty websites. This entity also owns a group of 28 daily and weekly publications in British Columbia, as well as two in Quebec. KCN publishes the Merritt News and Merritt News Extra in BC. Eco Log is an electronic information service intended to identify potential environmental risks for real estate developers, banks, insurance companies and other customers. The deal, which is subject to various regulatory approvals, is expected to close by the end of February. Last month, Hollinger sold its 70% interest in Great West Newspaper Group to Glacier and its 50% interest in Fundata Canada to Jamison Newspapers and Glacier for a total of $47.1 million.