SanomaWSOY completes Independent Media acquisition
SanomaWSOY Group's division Sanoma Magazines has today completed the acquisition of the Russian and Ukrainian consumer magazine publisher Independent Media Holding. The agreement to acquire Independent Media was announced on 19 January 2005. The enterprise value amounts to some EUR 142 million.
The Russian and Ukrainian competition authorities have approved the deal and other conditions precedent have been fulfilled.
Independent Media will be part of Sanoma Magazines International. Its figures will be consolidated to Sanoma Magazines and SanomaWSOY as of 1 March 2005.
SanomaWSOY published release about Independent Media acquisition also on 19 January and 2 February 2005.
Independent Media publishes 31 consumer and business magazines as well as 3 newspapers in Russia and Ukraine. Its estimated net sales including the sales of 50/50 joint ventures in 2004 amounted to about EUR 70 million, of which Sanoma Magazines' pro forma consolidated share is some EUR 47 million. The corresponding pro forma consolidated EBITA in 2004, including the share of associated companies, is EUR 10 million. Independent Media's average annual growth of net sales during the last three years has been 25% and that of EBITA 50%.
Sanoma Magazines International B.V., located in Amsterdam, the Netherlands, is a business unit of Sanoma Magazines B.V., the magazine division of SanomaWSOY. Sanoma Magazines is the fifth-largest magazine publisher in Europe. Sanoma Magazines International is responsible for Sanoma Magazines' activities in Central and South East Europe. Sanoma Magazines publishes some 270 magazines in 12 European countries and is the market leader in the Netherlands, Finland, Belgium, Hungary and the Czech Republic.