Last Friday, Independent paid pounds 18.4m for a 24.99 per cent stake in Newspaper Publishing, which owns the Independent and Independent on Sunday, and on Wednesday it invested pounds 19.2m in a 31 per cent stake in Argus Newspapers, South Africa's biggest newspaper group.
The deal is subject to Department of Trade and Industry approval. Capital Newspapers publishes nine paid-for weekly newspapers with a total sale of about 51,000 copies, and five free newspapers with a distribution of about 120,000.
The two-thirds stake is being bought from Emap, the newspaper and magazine publisher, and Capital's Ray Tindle, who retains a one-third holding and becomes deputy chairman of Independent Newspapers UK. Independent already owns Greater London and Essex Newspapers.