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.