Wolters Kluwer Completes Sale of Education to Bridgepoint
Divestment strengthens Wolters Kluwer strategy to accelerate profitable growth
Amsterdam.– 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 (Műszaki Kiadó) - with 2006 revenues of €316 million and approximately 1,450 employees.
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