Sanoma sells its learning operations in Hungary
Sanoma Corporation, Stock Exchange Release, 8 October 2013 at 16:00 CET+1
Sanoma has today sold its learning operations, NTK Educational Holding Zrt, in Hungary to a consortium of members of the management team.
“The divestment of our learning operations in Hungary is related to a long period of adverse conditions in the Hungarian education market. The transaction in Hungary does not change our focus on consumer media and learning,” says Harri-Pekka Kaukonen, President and CEO of Sanoma Corporation.
In 2012, the net sales for NTK Educational Holding Zrt totalled some EUR 21 million. As a result of the transaction, Sanoma will book in the third quarter of 2013 a non-recurring capital loss of around EUR 23 million.
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Get the world. Sanoma helps people access and understand the world. Sanoma is a front runner in consumer media and learning in Europe. We employ around 10,000 professionals in more than 10 countries. In 2012, the Group’s net sales totalled EUR 2.4 billion. Sanoma’s share is listed on the NASDAQ OMX Helsinki.