Brief: Sanoma Acquires Pearson's Local K12 Learning Content Business In Italy

Sanoma Oyj

07/06/2022 08:55

June 7 (Reuters) - Sanoma Oyj  SAA1V.HE :
    * REG-SANOMA ACQUIRES PEARSON’S LOCAL K12 LEARNING CONTENT
BUSINESS IN ITALY AND ANNOUNCES THE GROUP’S STRATEGIC GROWTH
AMBITION FOR 2030
    * SANOMA HAS SIGNED AN AGREEMENT TO ACQUIRE PEARSON'S LOCAL
K12
LEARNING CONTENT BUSINESS IN ITALY AND ITS SMALL EXAM
PREPARATION BUSINESS IN GERMANY
    * NET SALES OF ACQUIRED BUSINESSES WERE EUR 117 MILLION AND
ADJUSTED EBITDA WAS EUR 30 MILLION IN 2021 (PRO FORMA)
    * AGREED ENTERPRISE VALUE IS EUR 190 MILLION
    * PLANS TO INVEST APPROX. EUR 10 MILLION IN DEVELOPMENT OF
DIGITAL
LEARNING PLATFORMS FOR SECONDARY EDUCATION OVER THREE YEARS
FOLLOWING CLOSING OF ACQUISITION
    * ACQUISITION ALSO INCLUDES PEARSON'S SMALL EXAM PREPARATION
BUSINESS IN GERMANY WITH NET SALES OF EUR 13 MILLION IN 2021
    * SELLER OF BUSINESSES IS PEARSON PLC
    * ESTIMATES THAT ACQUISITION WILL CREATE SYNERGIES OF EUR
2−3
MILLION
    * SYNERGIES ARE EXPECTED TO BE REALISED IN FULL IN 18−24
MONTHS
AFTER CLOSING AND MAINLY RELATE TO SUPPORT FUNCTIONS AND
PROCUREMENT
    * WILL FINANCE ACQUISITION WITH DEBT AND HAS SIGNED AN
UNDERWRITTEN 4-YEAR TERM LOAN FACILITY
    * TRANSACTION IS EXPECTED TO BE FINALISED DURING Q3 2022

Source text for Eikon:  ID:nGNE6Pjgfb 
Further company coverage:  SAA1V.HE 

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