Times Media Group (TMG) had sold its 51 percent stake in MAP Integration Technologies (MapIT) to TomTom Africa for R37.5 million, according to a report in South Africa's BusinessReport.
TomTom already held 49 percent of MapIT. The deal will be settled in cash through TMG’s subsidiary, New Holland Publishing. The media group said the sale was part of its turnaround strategy, which specifies that it will exit non-core businesses, according to the BusinessReport news story. MapIT features under the firm’s books division and provides navigation data and related navigational mapping services to navigation device suppliers in South Africa. The proceeds of the disposal will be used to reduce acquisition leverage with respect to future acquisitions aligned to TMG’s core business, according to the group.