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LKT Advises Sanoma on Withdrawal from Hungary

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Lakatos, Koves & Partners has advised Sanoma on the sale of Sanoma Media Budapest, a leading magazine and online publisher in Hungary, to Central Group.

Sanoma and Central have signed a sale and purchase agreement on the sale of Sanoma Media Budapest group. The closing of the deal is subject to the approval of the competition authorities. This transaction marks the departure of Sanoma from the Hungarian market.  

Sanoma is a European media and learning company listed on the NASDAQ OMX Helsinki stock exchange. Its main markets "in learning" are Belgium, Finland, the Netherlands, Poland and Sweden. In 2013, Sanoma’s net sales totaled EUR 2.1 billion, and the net sales for its Hungarian media operations totaled approximately EUR 60 million. Sanoma estimates that it will book at the closing a non-recurring capital gain of around EUR 11 million. The company claims that the divestment is, "in line with Sanoma’s strategy to focus its operations and divest selected ownerships."

LKT Partner Richard Lock and Associate Peter Peremiczki worked on the deal.

 

Hungary Knowledge Partner

Nagy és Trócsányi was founded in 1991, turned into limited professional partnership (in Hungarian: ügyvédi iroda) in 1992, with the aim of offering sophisticated legal services. The firm continues to seek excellence in a comprehensive and modern practice, which spans international commercial and business law. 

The firm’s lawyers provide clients with advice and representation in an active, thoughtful and ethical manner, with a real understanding of clients‘ business needs and the markets in which they operate.

The firm is one of the largest home-grown independent law firms in Hungary. Currently Nagy és Trócsányi has 26 lawyers out of which there are 8 active partners. All partners are equity partners.

Nagy és Trócsányi is a legal entity and registered with the Budapest Bar Association. All lawyers of the Budapest office are either members of, or registered as clerks with, the Budapest Bar Association. Several of the firm’s lawyers are admitted attorneys or registered as legal consultants in New York.

The firm advises a broad range of clients, including numerous multinational corporations. 

Our activity focuses on the following practice areas: M&A, company law, litigation and dispute resolution, real estate law, banking and finance, project financing, insolvency and restructuring, venture capital investment, taxation, competition, utilities, energy, media and telecommunication.

Nagy és Trócsányi is the exclusive member firm in Hungary for Lex Mundi – the world’s leading network of independent law firms with in-depth experience in 100+countries worldwide.

The firm advises a broad range of clients, including numerous multinational corporations. Among our key clients are: OTP Bank, Sberbank, Erste Bank, Scania, KS ORKA, Mannvit, DAF Trucks, Booking.com, Museum of Fine Arts of Budapest, Hungarian Post Pte Ltd, Hiventures, Strabag, CPI Hungary, Givaudan, Marks & Spencer, CBA.

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