NEW YORK - On January 11, HOLLINGER INTERNATIONAL INC. and its Canadian affiliate, HOLLINGER CANADIAN PUBLISHING HOLDINGS CO., announced the sale of substantially all of their remaining Canadian assets to an affiliate of GLACIER VENTURES INTERNATIONAL CORP. The aggregate purchase price of Cdn$121.7 million, or US$104.4 million will bring to Glacier, among other things, approximately 87% of the outstanding units of Hollinger Canadian Newspapers, Limited Partnership ("HCNLP") and all of the shares of Hollinger Canadian Newspapers GP Inc.
HCNLP owns and operates the Business Information Group, which publishes a variety of trade publications. Its mining group consists of Canadian Mining Journal and The Northern Miner newspaper as well as two annual publications, the Canadian & American Mines Handbook and the Mining Sourcebook.
The closing is subject to approvals and is expected to occur before the end of February 2006. The president of Business Information Group, Bruce Creighton, has announced that he will be staying on with the company following the purchase, and "it is business as usual."
Glacier is a Vancouver-based information communications company focused on expanding across North America through both internal growth and the strategic acquisition of information communications companies that provide essential information and related services through print, electronic and online media.