Wolters Kluwer Legal & Regulatory received a binding offer to sell its French and Spanish legal information businesses
09 Dezember 2021 - 08:45AM
Wolters Kluwer Legal &
Regulatory received a binding
offer to sell its
French and Spanish legal
information businesses
December 9, 2021 –
Wolters Kluwer Legal & Regulatory announces
today that it has entered
into exclusive discussions to sell
its legal information
businesses in
France and
Spain following receipt of a
binding offer from Karnov
Group. Thomson Reuters
has simultaneously and in conjunction received a binding
offer from Karnov Group to acquire
its Spanish legal information business.
The transaction would be
subject to antitrust
approval in Spain. Upon completion of the
transaction, Wolters Kluwer would receive
€120
million in cash for its assets.
The intended divestment by Wolters Kluwer will sharpen the Legal
& Regulatory division’s focus on businesses where it has the
strongest market positions and the best opportunities to drive
future growth. Signing of a final agreement is conditional upon
completion of the consultation with the European and French works
councils. Completion of the transaction would be conditional upon
antitrust approval in Spain and is expected during 2022. The units
to be divested will be treated as assets held for sale in Wolters
Kluwer’s 2021 accounts, but will continue to be consolidated until
completion. The use of net after tax proceeds will be determined in
2022.
The French and Spanish legal information units to be sold by
Wolters Kluwer employ approximately 650 FTEs. In 2020, the units
generated approximately €85 million (about 9% of Legal &
Regulatory division revenues) and were profitable. The units
primarily support law firms, corporations and the public sector
with information products in digital and print formats. In France,
the business includes Lamyline for legal professionals and Liaisons
Sociales for labor law and HR specialists, among other offerings
including training. In Spain, the business includes La Ley for
legal professionals, CISS for tax and HR specialists, as well as
online training services.
Wolters Kluwer Legal & Regulatory will continue to serve its
customers in France and Spain with legal and compliance software
solutions (mainly Kleos and Legisway), environmental, health &
safety and operational risk management solutions (Enablon), and
international legal information (Kluwer Law International). Wolters
Kluwer also continues to provide the French and Spanish market with
solutions for health, tax and accounting, and governance, risk and
compliance professionals.
Martin O’Malley, Executive Vice President and Managing Director
of Wolters Kluwer Legal & Regulatory said: “As we continue to
invest in our transformation from print to digital and from digital
into expert solutions and software, Wolters Kluwer Legal &
Regulatory is concentrating its investments on the businesses where
we have the best prospects for long-term growth. The businesses to
be divested are well-prepared for the digital future as part of
Karnov with high-quality products and shared technology
infrastructure. We are confident that Karnov will continue to
support the French and Spanish legal information community with
excellence.”
“For Karnov, this intended transaction is an attractive
opportunity to acquire two highly reputable businesses in which
Wolters Kluwer has invested to achieve a digital transformation,”
said Pontus Bodelsson, CEO of Karnov Group. “We plan to continue to
invest and to leverage new technologies in order to serve customers
with the high-quality products and services they value.”
Karnov Group (Nasdaq Stockholm: KAR), based primarily in Denmark
and Sweden, is a provider of legal information solutions in the
areas of legal, tax, accounting, and environmental, health and
safety. In recent years, Karnov has expanded its geographic
presence into France and Belgium, and currently employs
approximately 290 people.
About Wolters KluwerWolters
Kluwer (WKL) is a global leader in professional information,
software solutions, and services for the healthcare; tax and
accounting; governance, risk and compliance; and legal and
regulatory sectors. We help our customers make critical decisions
every day by providing expert solutions that combine deep domain
knowledge with specialized technology and services.
Wolters Kluwer reported 2020 annual revenues of €4.6 billion.
The group serves customers in over 180 countries, maintains
operations in over 40 countries, and employs approximately 19,200
people worldwide. The company is headquartered in Alphen aan den
Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and
are included in the AEX and Euronext 100 indices. Wolters Kluwer
has a sponsored Level 1 American Depositary Receipt (ADR) program.
The ADRs are traded on the over-the-counter market in the U.S.
(WTKWY).
For more information, visit www.wolterskluwer.com, follow us on
Twitter, Facebook, LinkedIn, and YouTube.
Media
Investors/AnalystsGerbert van Genderen Stort
Meg
GeldensCorporate Communications
Investor Relationst + 31 172 641 230
t + 31 172 641
407g.van.genderen.stort@wolterskluwer.com
ir@wolterskluwer.com
Forward-looking Statements and Other Important Legal
InformationThis report 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.
- 2021.12.09 Wolters Kluwer received a binding offer to sell its
French and Spanish legal information businesses
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