Wolters Kluwer Legal & Regulatory has agreed to sell certain Swedish publishing and trade services assets to Karnov Group. The agreed enterprise value of the transaction is SEK 656 million (approximately €68 million).
The divestment is part of Wolters Kluwer’s plan to further sharpen its focus on core markets where the Legal & Regulatory division is best positioned for long-term growth. The Swedish assets to be sold include legal and regulatory information, in print and digital formats, as well as printing and distribution services. The business lines to be sold had revenues of €22 million in 2016 and employ approximately 70 people.
Wolters Kluwer will continue to invest in legal software solutions in Sweden, and will retain a presence across Scandinavia to also serve customers with healthcare, tax and accounting, finance, and risk and reporting solutions.
“We are pleased that we have an agreement with Karnov Group. The company is very well-positioned in Sweden to support these products and activities and serve the needs of customers,” said Stacey Caywood, CEO, Wolters Kluwer Legal & Regulatory.
Flemming Breinholt, CEO, Karnov Group, commented, “This acquisition provides us with a unique opportunity to broaden our legal offering with additional in-depth commentaries and analysis. The combination we are announcing today will enable Karnov Group to provide customers with the best service and product offering for legal and regulatory information in the Swedish market. Once the transaction is complete, Karnov Group will continue to develop its digital services, strengthen relationships with expert authors, and work tirelessly with employees to integrate, grow and nurture the organization.”