SanomaWSOY Group's Division Sanoma Magazines has signed a Heads of Agreement to sell Sanoma Magazines International's business unit British European Associated Publishers Ltd (BEAP) in the United Kingdom. Negotiations are continuing with the present management of the business unit and an investment bank, and the transaction is expected to be finalized within a few months.
BEAP is the leading publisher of puzzle magazines in the British market, with net sales of
EUR 24.9 million (GBP 15.5 million) in 2001.
SanomaWSOY Group's strategy is to divest its non-core assets and focus and grow in its core businesses. This intention is in line with the strategy of Sanoma Magazines to concentrate on achieving market leaderships in medium-sized European markets and as a consequence to divest non-core assets.
The parties have agreed that no further information will be given during the negotiations.
Investor Relations and Group Communications