Stockholm-listed free-daily publisher Metro International SA said that its offer to further buy at least 15% of Mexican joint venture (JV) Publicaciones Metropolitanas, or Publimetro Mexico, has been accepted by Inmobiliaria Torraco, or Torraco Investments.
Torraco Investments holds a total 23.54% in Publimetro Mexico, which is valued at USD5.2m.
Metro said it could acquire the whole stake in case the third partner in Publimetro Mexico does not exercise its pre-emptive right to buy the remaining 8.54%.
The legal procedures of the purchase offer will be completed once Publimetro Mexico allocates Metro the relevant interests.
Publimetro Mexico had sales of EUR7.8m in 2009. It has 180,000 daily copies in Mexico City and Monterrey.