Sanoma completes the acquisition of learning business in Finland and Sweden and the divestment of general literature operations
Press Release 3/10/2011 13:00
Sanoma announced the acquisition of the assets of the Finnish educational publisher Tammi Learning and all the shares of the Swedish educational publisher Bonnier Utbildning AB from the Swedish media group Bonnier AB on 29 April 2011. At the same time, Sanoma announced the divestment of the shares of its Finnish general literature publisher Werner Söderström Ltd to Bonnier. Finnish competition authorities approved the transaction on 1 June 2011. Sanoma has today closed both acquisitions and the divestment and therefore completed the transaction. At the same time Bonnier Utbildning will be renamed Sanoma Utbildning.
Sanoma will report the new operations in its Learning segment as of 1 October 2011. Learning business has a strong seasonality within the year, the first and fourth quarter being typically loss-making. For general literature, on the other hand, the fourth quarter is typically the strongest one. Due to this seasonality, this transaction will lower Learning segment's fourth quarter result in 2011.
Chief Financial Officer
Additional information: Sanoma's Investor Relations, Anna Tuominen tel. +358 105 19 5066 or email@example.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.