Divestment strengthens Wolters Kluwer strategy to accelerate profitable growth
Amsterdam (June 15, 2007) - Wolters Kluwer, a leading global information services and publishing company, today announced the completion of the sale of its Education division to Bridgepoint Capital Limited. Regulatory approvals were received, and customary closing conditions have been met.
Wolters Kluwer announced in March that it had reached an agreement with Bridgepoint to sell the Education activities for €774 million. The agreement was subject to regulatory approval, which was obtained on May 31, 2007. The divestment follows the September 2006 announcement on Wolters Kluwer's long-term strategy to accelerate growth and the review of strategic alternatives for the Education division.
As previously announced, Wolters Kluwer intends to return approximately €475 million of the net proceeds of the sale to shareholders through a share buy-back program, and will use the remainder to reduce debt and to fund investments which support the company's strategy to accelerate profitable growth.
The Education activities comprise primary, secondary, and vocational education in seven European countries - the Netherlands (Wolters-Noordhoff), Sweden (Liber), the United Kingdom (Nelson Thornes), Germany (Bildungsverlag EINS and digital spirit), Belgium (Wolters Plantyn), Austria (Jugend & Volk), and Hungary (Muszaki Kiadó) - with 2006 revenues of €316 million and approximately 1,450 employees.
About Wolters Kluwer
Wolters Kluwer is a leading global information services and publishing company. The company provides products and services for professionals in the health, tax, accounting, corporate, financial services, legal and regulatory sectors. Wolters Kluwer has annual revenues of €3.7 billion (2006), employs approximately 18,450 people worldwide, and maintains operations across Europe, North America, and Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. For more information, visit www.wolterskluwer.com.
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Contact: |
Caroline Wouters
Vice President,
Corporate Communications
Wolters Kluwer nv
+ 31 (0)20 6070 459
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Kevin Entricken
Vice President, Investor Relations
Wolters Kluwer nv
+ 31 (0)20 6070 407 |
Forward-looking Statements
This press release contains forward-looking statements. These statements may be identified by words such as "expect," "should," "could," "shall," and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer's businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.
