Sanoma sells its bookstore operations to Otava
(Thomson Reuters ONE) -
Press Release 25/08/2011 13:00
The Sanoma Trade division of the Sanoma Group will sell its bookstore operations
in Finland to Otava Ltd. The transaction includes all shares of Suomalainen
Kirjakauppa Oy, six properties used by Suomalainen Kirjakauppa and Rautakirja's
and Suomalainen Kirjakauppa's shares of Kirjavälitys Oy, a company specialising
in logistic services. The deal is subject to the approval of the Finnish
competition authorities. The closing of the transaction is expected during
September. Sanoma Trade's Estonian bookstore operations are not included in the
transaction.
The enterprise value of the transaction is EUR 27.5 million. In 2010, net sales
of the Finnish bookstores were EUR 109 million and operating profit EUR 2
million. Bookstore operations currently comprise 59 Suomalainen Kirjakauppa
outlets, two Yliopistokirjakauppa bookstores, three Reader's paperback
bookshops, the Lukiolaisten Kirjakauppa webstore and the online webstore
Suomalainen.com. These operations employ some 480 people (FTEs).
"This transaction is in line with Sanoma's strategy to focus its operations and
to concentrate on consumer media and learning solutions," says Harri-Pekka
Kaukonen, President and CEO of Sanoma.
Earlier in the spring, Sanoma divested its movie operations as well as kiosk and
press distribution operations in Russia and Romania. In August, Sanoma announced
that it is looking into the possibility of divesting also other assets in the
Trade division.
If the divestment of bookstore operations materialises, it is estimated to have
an effect on the outlook of the Sanoma Trade division. Sanoma Trade's net sales
are expected to decrease significantly and operating profit excluding non-
recurring items to decrease clearly in 2011. Previously, net sales were
estimated to decrease and operating profit excluding non-recurring items to be
at the previous year's level. This transaction does not have an effect on the
outlook of the Sanoma Group.
Sanoma Corporation
Kim Ignatius
Chief Financial Officer
Additional information: Sanoma's Investor Relations, Kare Laukkanen tel.
+358 105 19 5064 and Anna Tuominen tel. +358 105 19 5066 or ir(at)sanoma.com
Sanoma.com
Sanoma inspires, informs and connects. As a diversified media group, we bring
information, experiences, education and entertainment to millions of people
every day. We make sure that quality content and interesting products and
services are easily available and meet the demands of our readers, viewers and
listeners. We offer a challenging and interesting working environment for nearly
20,000 people in over 20 countries throughout Europe. In 2010, the Group's net
sales totalled EUR 2.8 billion.
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originality of the information contained therein.
Source: Sanoma Oyj via Thomson Reuters ONE
[HUG#1541205]
Unternehmensinformation / Kurzprofil:
Datum: 25.08.2011 - 12:00 Uhr
Sprache: Deutsch
News-ID 59318
Anzahl Zeichen: 3596
contact information:
Town:
Helsinki
Kategorie:
Business News
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