Sanoma divests its Latvian kiosk and press distribution operations
Press Release 14/10/2011 16:30
Sanoma Trade has today sold its ownership, 50% of the shares, in the Latvian kiosk and press distribution company Narvesen Baltija SIA to the Norwegian Reitan Group. The purchase price is some EUR 8 million. Sanoma will record a non-recurring capital gain of approximately EUR 5 million in its fourth quarter 2011 result.
Narvesen Baltija has the market leading kiosk company in Latvia, with some 240 outlets operating under two brands, Preses Abvieniba and Narvesen. It also includes the leading press distributor Preses Serviss. Narvesen Baltija has been jointly owned by Sanoma Trade and Reitan since 1999. In 2010, the net sales of the company were some EUR 59 million and Narvesen Baltija employed some 240 persons (FTEs).
The divestment is in line with Sanoma's strategy to focus its operations and to concentrate on media and learning solutions. The divestment will not affect Trade segment's or Sanoma Group's outlook for the 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.