Wolters Kluwer divestiture to proceed following Spanish regulatory clearanceSource: OMX
Wolters Kluwer divestiture to proceed following Spanish regulatory clearance
November 3, 2022 – Wolters Kluwer Legal & Regulatory announces today that the Spanish Antitrust Authority has given Karnov Group clearance to acquire the legal information assets of Wolters Kluwer and Thomson Reuters in Spain.
Therefore, the transaction announced on December 9, 2021, whereby Wolters Kluwer will divest its legal information units in France and Spain to Karnov can proceed. The transaction is expected to close on November 30, 2022.
The assets to be sold by Wolters Kluwer generated revenues of €85 million in 2021 (10% of Legal & Regulatory division revenues) and were profitable. Wolters Kluwer will receive a consideration of €120 million and intends to use the net proceeds for share repurchases in 2023 in order to mitigate the earnings dilution caused by the divestment. Wolters Kluwer expects to record a non-taxable gain on completion.
About Wolters Kluwer
Wolters Kluwer (Euronext: WKL) is a global leader in professional information, software solutions, and services for the healthcare; tax and accounting; governance, risk and compliance; and legal and regulatory sectors. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer reported 2021 annual revenues of €4.8 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt (ADR) program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
|Gerbert van Genderen Stort||Meg Geldens|
|Corporate Communications||Investor Relations|
|t + 31 172 641 230||t + 31 172 641 407|
Forward-looking Statements and Other Important Legal Information
This report contains forward-looking statements. These statements may be identified by words such as “expect”, “should”, “could”, “shall” and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer’s businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release contains information which is to be made publicly available under Regulation (EU) 596/2014.