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IN&M has sold INM Outdoor to a private equity company, a move that rebel shareholder Denis O'Brien has long rallied against.

A consortium led by Helios Investment Partners has bought INM Outdoor. Former Clear Channel Outdoor UK chief executive Barry Sayer joined the consortium in October.

IN&M said today (14 December): "This disposal strategy, together with the successful completion of the group's restructuring allows the INM Group to retain its global diversity and strong multimedia mix, while providing a stable and secure financial platform, with a combined €350m reduction in debt, from which to leverage the group's business as economic conditions recover."

The group added that it had raised approximately €98m from the sale, which would help pay down its €1.3bn debt.

IN&M, headed by chief executive Gavin O'Reilly, has been in a protracted battle with O'Brien over the future direction of the company.

O'Reilly won out in a series of investor meetings against O'Brien, who has called for the selling or closing of The Independent and The Independent on Sunday.