SanomaWSOY today completed its acquisition of VNU's Consumer Information Group (CIG). This follows the signing of a sales and purchase agreement between the two companies earlier this year on July 20. The purchase price (enterprise value) is EUR 1.25 billion. The transaction has received approval from the relevant competition authorities, in the Czech Republic and Hungary.
The acquisition has been financed through senior bank loans totalling EUR 1.2 billion and a convertible capital note valued at a total of EUR 200 million, which has been traded on the Helsinki Exchanges since September 6.
Following the completion of the acquisition, SanomaWSOY is now the largest media group in the Nordic region, with pro forma net sales in 2000 of EUR 2.26 billion, and Europe's fifth-largest magazine publisher, with some 300 titles in its portfolio. The new subgroup combining CIG and Helsinki Media is SanomaWSOY's largest business area, with pro forma net sales in 2000 of EUR 976 million.
The new subgroup will be known as Sanoma Magazines as of today. The parent company, Sanoma Magazines B.V, will be headquartered, as announced earlier, in The Netherlands.
Sanoma Magazines will be organised into five divisions. Sanoma Uitgevers will cover magazine publishing, new media activities and film distribution in the Dutch market; and Sanoma Magazines Belgium (Mediaxis), the Flemish and French markets in Belgium. Sanoma Magazines International will cover the British, Czech, Hungarian, Romanian, and Slovak markets; while Sanoma Magazines Finland will cover Helsinki Media's activities in Finland and Sweden. Aldipress will continue to handle magazine distribution in The Netherlands.
Theo Bouwman has been appointed President of Sanoma Magazines and Chairman of Sanoma Magazines' Management Board, and Eija Ailasmaa, Executive Vice President and Vice Chairman of the Management Board. Eija Ailasmaa will also continue as President of Sanoma Magazines Finland (Helsinki Media).
The other members of the Management Board are: Pim de Wit, President of Sanoma Uitgevers BV (formerly VNU Tijdschriften); Jan Vandenwyndgaerden, President of Sanoma Magazines Belgium (Mediaxis); Koos Guis, President of Sanoma Magazines International (formerly VNU Magazines International); and Edo Meerloo, Managing Director of Aldipress.
Sanoma Magazine's Executive Board comprises Jaakko Rauramo (Chairman), Chairman & CEO of SanomaWSOY, Hannu Syrjänen, President & COO of SanomaWSOY (Vice Chairman), and the President of Sanoma Magazines, Theo Bouwman.
Sanoma Magazines' figures will be consolidated with the SanomaWSOY Group as of October 1.
Investor Relations and Group Communications
Sanoma Magazines B.V's appointments release (October 1, 2001) APPOINTMENTS IN SANOMA MAGAZINES B.V.
SanomaWSOY announced the acquisition of VNU's Consumer Information Group on July 20, 2001. The acquisition was formalised a October 1, 2001, after which the following arrangements will come into effect.
SanomaWSOY will organise its magazine publishing under a Dutch company, Sanoma Magazines B.V., from October 1, 2001. This will consist of VNU/CIG's and Helsinki Media´s businesses. The headquarters of Sanoma Magazines B.V. will be in Amsterdam, The Netherlands.
Sanoma Magazines B.V. includes the following business divisions:
Sanoma Uitgevers B.V. (formerly VNU Tijdschriften)
The group includes Dutch magazine publishing, new media activities in ilse Media Group and RCV Entertainment
Magazine distribution company in The Netherlands
Sanoma Magazines Belgium (Mediaxis)
Magazine publishing in Belgium
Sanoma Magazines International (formerly VNU Magazines International)
The division consists of the following companies:
Sanoma Magazines UK Ltd., Great Britain
Sanoma Magazines Praha Spol. s.r.o., Czech Republic
Sanoma Magazines Slovakia s.r.o., Slovakia
Sanoma-Hearst Romania SRL, Romania
Sanoma Budapest Kiadói Rt., Hungary
Hearst-Sanoma Press Publishing Kft., Hungary
Sanoma Magazines Finland (Helsinki Media) including magazine publishing in Finland and Sweden
Mr Theo Bouwman has been appointed President of Sanoma Magazines B.V. Theo Bouwman was previously a member of VNU´s Executive Board. Ms Eija Ailasmaa has been appointed Executive Vice President of Sanoma Magazines; she will continue in her present position as President of Helsinki Media.
Sanoma Magazines' Executive Board will consist of Mr Jaakko Rauramo, Chairman & CEO of SanomaWSOY (Chairman) and Mr Hannu Syrjänen, President & COO of SanomaWSOY (Vice Chairman) and Theo Bouwman.
Sanoma Magazines B.V. has established a Management Board. Theo Bouwman will act as Chairman and Eija Ailasmaa will serve as Vice Chairman. The other members of the Management Board will be Mr Pim de Wit, Mr Jan Vandenwyngaerden, Mr Koos Guis, Mr Edo Meerloo and Eelco de Boer (during the transition period). Ms Elina Männikkö, Vice President, Business Development at Helsinki Media will act as Secretary of the Management Board.
Pim de Wit, presently Chairman and CEO of VNU Tijdschriften, has been appointed President of Sanoma Uitgevers B.V. (formally VNU Tijdschriften).
Jan Vandenwyngaerden, presently Chairman and CEO of Mediaxis, has been appointed President of Sanoma Magazines Belgium (Mediaxis).
Koos Guis, presently CEO of VNU Magazines International, has been appointed President of Sanoma Magazines International (formerly VNU Magazines International).
Edo Meerloo will continue as Managing Director of Aldipress.
The following appointments have been made in Sanoma Magazines B.V:
Mr Eelco de Boer will, in addition to his current responsibilities as CFO of Sanoma Uitgevers B.V., take up the position of CFO of Sanoma Magazines during the transition period.
Mr Paul van Driessen, presently Legal Officer in VNU headquarters, has been appointed Vice President, Chief Legal Officer and Company Secretary.
Mr Hans Scheffer, presently Strategy Director in VNU Magazines The Netherlands, has been appointed Vice President, Head of Corporate Affairs.
Mr Tjerk Lerou, presently Business Analyst at VNU headquarters, has been appointed Head of Business Development.
Mr Lucas Bussink, presently tax counsel at VNU headquarters, has been appointed Tax Counsel.