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.
