P>Sanoma Magazines, a division of SanomaWSOY Group has sold its business unit British European Associated Publishers Ltd (BEAP) in the United Kingdom to its management and a group of investors. The value of the deal is slightly over EUR 50 million. The sold business will be transferred to buyers retrospectively as of January 1, 2002. The Heads of Agreement was signed on February 19, 2002.
BEAP is the leading publisher of puzzle magazines in the British market, with a net sales of EUR 25 million (GBP 15.5 million) in 2001.
SanomaWSOY Group's strategy is to divest its non-core assets and concentrate on its core businesses. In line with this is Sanoma Magazines' strategy to concentrate on achieving market leaderships in chosen European markets and to divest non-core assets.
SANOMAWSOY CORPORATION
Raija Kariola
Vice President
Investor Relations and Group Communications
DISTRIBUTION
Helsinki Exchanges
Principal media