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Sunday, 15.06.2025, 13:24
Sanoma to earn EUR 10 mln from sale of Estonian portals
BC, Tallinn, 15.03.2017.
Print version
Print versionSanoma Media Finland OY stands to earn 10 million euros of extraordinary income from the sell-off of the owner of the Estonian portals auto24.ee and kuldnebors.ee to Baltcap, as it is selling the portals at a price 10 mln euros higher than their balance sheet value, reports LETA/BNS.
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"As a result of the transaction, Sanoma will recognize a sales gain of around 10 mln euros," Sanoma said in a disclosure to the stock exchange.
Sanoma has not provided a valuation of Sanoma Baltics in its annual accounts.
Sanoma Media Finland announced on Wednesday that it is divesting its fully owned subsidiary Sanoma Baltics AS to a consortium of management team members and a private equity investor Baltcap. In 2016, the net sales of Sanoma Baltics totaled 4.4 mln euros.
The transaction is partly financed by LHV pension funds.
The transaction is expected to close in spring 2017, following approval from the Estonian Competition Authority.
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