Wolters Kluwer in talks with Bridgepoint on sale of Education Ops - UPDATE |
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Fri, 23 Mar 2007 12:11
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(Updating with background, share price)AMSTERDAM (AFX) - Dutch publishing and information company Wolters Kluwer NV said it is in exclusive talks with private equity fund Bridgepoint Capital Limited over the sale of its education division, confirming reports first published by the Financial Times this morning.The parties expect to reach a purchase price for the division of between 750-775 mln eur.Wolters Kluwer Education operates in the primary, secondary and vocational education markets in seven European countries (the UK, Sweden, the Netherlands, Germany, Austria, Belgium and Hungary), with revenues of 316 mln eur and roughly 1,450 employees.Rumours that the division would be sold have circulated for months and the company confirmed its intention to divest it last week, with analysts predicting a price of around 700 mln eur.A spokeswoman for the company declined to comment this morning on the Financial Times report claiming a sale, but Wolters Kluwers later released a statement confirming that exclusive talks were underway and that 'Wolters Kluwer and Bridgepoint are working towards reaching an agreement.'At 11.49 am, Wolters Kluwer shares were up 1.33 pct at 22.89 eur, while the AEX was up 0.16 pct at 509.80.dave.vanginhoven@thomson.comdvg/dvg/sljCOPYRIGHTCopyright AFX News Limited 2007. All rights reserved.The copying, republication or redistribution of AFX News Content, including by framing or similar means, is expressly prohibited without the prior written consent of AFX News.AFX News and AFX Financial News Logo are registered trademarks of AFX News Limited
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Wolters Kluwer in exclusive talks with Bridgepoint on sale of Education Ops 