Emap’s 60-year existence as an independent company ended on Friday after the media group agreed to sell all its remaining assets – the business-to-business arm it had apparently failed to sell earlier this month – for £1bn to a consortium of Guardian Media Group and Apax.

Confirming an earlier report on FT.com, GMG and Apax said they would offer 470p a share in cash. Emap shareholders would also receive the 461p a share special dividend announced alongside the £1.14bn sale of the group’s radio and consumer magazines divisions to H Bauer, the German magazine publisher. That gives a total of 931p a share, or £2bn, compared with Emap’s book value on Thursday of £1.6bn.