Trinity Mirror has announced the proposed acquisition of Northern & Shell's publishing assets for a total purchase price of £126.7m. The buyer has agreed measures to support its acquisition’s pension schemes.
The newspaper publisher will make a one-off cash payment of £41.2m to the Northern & Shell Pension Schemes. A recovery plan has been finalised with total payments of £29.2m through to 2027.
Trinity Mirror will fund the contributions to the schemes, along with the cash element of the purchase price and transaction costs, with a new £75m amortising term loan facility.
