Sanoma has acquired 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.
At the same time, Sanoma has sold the shares of its Finnish general literature publisher Werner Söderström Ltd. (WSOY) to Bonnier. The transaction of WSOY is subject to the approval of the Finnish competition authorities. The closing of the transaction is expected during the autumn.
Currently Sanoma has learning operations in Finland, the Netherlands, Belgium, Hungary, Poland and Russia. The total net sales of Sanoma’s learning business were EUR 249 million in 2010. This transaction is in line with Sanoma’s strategy to focus its operations and to concentrate on consumer media and learning solutions.
“Learning solutions are one of Sanoma’s key focus areas. These transactions are logical steps for us as they support our ambition to grow this business and focus our operations” says Harri-Pekka Kaukonen, President and CEO of Sanoma.
“We are delighted with this transaction which brings us to the Swedish learning market and strengthens our Finnish learning business. Both Bonnier Utbildning and Tammi Learning are excellently performing learning companies, which extend well our portfolio” says Jacques Eijkens, CEO of Sanoma Learning & Literature.
On the acquisition of WSOY Maria Curman, CEO of Bonnier Books, said.”Our ambition is to provide WSOY, its authors and employees, the means needed to reach their full potential. WSOY together with Tammi forms a perfect match within the Bonnier publishing family. I see this as an important step in successfully developing our offering of general literature to the Finnish market.”
In 2010, net sales of Tammi Learning, Bonnier Utbildning and WSOY General literature were EUR 10.2 million, EUR 17.6 million and EUR 32.5 million, respectively. Tammi Learning and Bonnier Utbildning employed some 80 people (FTE) and WSOY General Literature some 100 people. The transaction is estimated to improve Sanoma’s profitability from 2012 onwards.
Following the transaction with Bonnier, the net sales of Sanoma Learning & Literature in 2011 are estimated to be at the previous year’s level and operating profit excluding non-recurring items is expected to decrease somewhat. Previously, the net sales of Sanoma Learning & Literature were estimated to increase slightly and operating profit excluding non-recurring items was expected to be at the previous year’s level. 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 Sanoma Learning & Literature’s fourth quarter result in 2011.
Finland, Helsinki & Sweden, Stockholm
- Sanoma Media Netherlands acquires Hemels Publishers Posted on May 20, 2011