Wolters Kluwer Legal & Regulatory today announces that it has reached agreement on the divestment of certain U.K. information and publishing assets to the Peninsula Business Services Group for €13 million.
The divestment is part of the division’s plan to further sharpen its focus on markets where it sees the best opportunities for long-term growth. Legal & Regulatory will continue to serve its U.K. customers for legal & regulatory software and international legal information. Wolters Kluwer will retain a well-established position in the country, delivering medical information solutions to U.K. healthcare providers, software to U.K. tax advisors, and risk & reporting solutions to the U.K.-based financial services industry.
The assets to be sold include information services for HR, health & safety, and compliance professionals and online and print publications for accountants and tax consultants. These product lines generated 2016 revenues of €29 million, reported as part of the Legal & Regulatory division, and employ approximately 100 FTEs.
Completion of the divestment will follow the conclusion of the relevant employee information and consultation process. Wolters Kluwer intends to mitigate the expected dilution to adjusted earnings per share through share buybacks.
The Peninsula Business Services Group is a leading U.K. provider of employment law, HR, health & safety and tax consultancy services. In December 2015, Wolters Kluwer sold its U.K. HR consulting and tax fee protection services units to Peninsula.