SanomaWSOY Corp. Press Release 28 Apr 2008 at 9:30
Sanoma Magazines International, part of SanomaWSOY's magazine division Sanoma Magazines, has signed an agreement to acquire approximately 68% in Net Info.BG AD, Bulgaria's leading internet company. Sellers are group of venture capital companies and private individuals. Sanoma Magazines International will invite other shareholders holding approximately 15% of the shares to sell their shares. Sanoma Magazines International has also agreed with the remaining shareholders to buy their approximately 17% of shares in a period up to 2011. This acquisition fits Sanoma Magazines International's strategy to strengthen its core business, i.e. magazine publishing and digital media. The transaction is subject to approval of the Bulgarian antitrust officials.
Net Info owns online properties like Abv.bg (the most popular Bulgarian free email service), Gbg.bg (a directory site), Vbox7.com (Bulgaria's leading streaming video site) and Netinfo.bg (a leading news information site). In 2007, Net Info's net sales amounted to EUR 2.3 million and the company employed 127 full-time employees.
In Bulgaria, Sanoma Magazines International has a leading position in consumer magazine publishing through its company Sanoma Bliasak Bulgaria. Net Info and Sanoma Bliasak Bulgaria will remain separate companies, allowing them to focus on their own core businesses. Net Info will be managed by its current CEO Victor Penev, who will remain with the company.
"Sanoma Magazines International is a great fit for Net Info both strategically and culturally. This business combination will further strengthen Net Info's position in the Bulgarian market and open new frontiers for product development and business growth," comments Victor Penev.
"This acquisition emphasises our ambition to achieve similar market leading positions in digital media as we do in magazine publishing. Through the acquisition of Net Info we immediately reach that goal in Bulgaria. Net Info is an excellent platform for continuous growth with products that also have value for our other operations. We are very pleased to welcome the whole team as part of the Group," adds Koos Guis, CEO of Sanoma Magazines International.
Senior Vice President
Finance and Administration
Koos Guis, CEO, Sanoma Magazines International, tel +31 20 851 21 52 or email@example.com
Svetlana Belcheva, PR Manager, Net Info.BG, tel +359 896 608 577 or firstname.lastname@example.org
SanomaWSOY's Group Communications, tel +358 105 19 5062 or email@example.com
Sanoma Magazines International is a business of Sanoma Magazines, one of the largest European consumer magazine publishers with the leading market positions in Belgium, the Czech Republic, Finland, Hungary, the Netherlands and Russia. In total the company publishes more than 300 titles in 13 countries. Apart from developing its strong portfolio of magazine brands, Sanoma Magazines is expanding its business to digital media platforms. Sanoma Magazines is part of the SanomaWSOY Group, a strong European media group operating in diverse fields of media in more than 20 countries.
Net Info is the digital space leader in Bulgaria. The company develops and supports a wide array of digital offerings, ranging from email to search and online content. Net Info operates the biggest advertising network of websites in the country, managing about 30 partner sites, each a leader in its category.