Sanoma divests its Latvian kiosk and press distribution operations
Sanoma Trade has today sold its ownership, 50% of the shares, in the Latvian kiosk and press distribution company Narvesen Baltija SIA to the Norwegian Reitan Group. The purchase price is some EUR 8 million. Sanoma will record a non-recurring capital gain of approximately EUR 5 million in its fourth quarter 2011 result.
Narvesen Baltija has the market leading kiosk company in Latvia, with some 240 outlets operating under two brands, Preses Abvieniba and Narvesen. It also includes the leading press distributor Preses Serviss. Narvesen Baltija has been jointly owned by Sanoma Trade and Reitan since 1999. In 2010, the net sales of the company were some EUR 59 million and Narvesen Baltija employed some 240 persons (FTEs).
The divestment is in line with Sanoma's strategy to focus its operations and to concentrate on media and learning solutions. The divestment will not affect Trade segment's or Sanoma Group's outlook for the 2011.
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