Wolters Kluwer sells Education unit, announces 475 mln eur share buyback UPDATE |
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Published
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Mon, 26 Mar 2007 08:16
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(Adds EPS outlook revisal, 2007 outlook reiteration)AMSTERDAM (AFX) - Publishing group Wolters Kluwer NV said it will sell its Education division to UK investment fund Bridgepoint Capital for 774 mln eur.The sale is expected to be closed in June and Wolters Kluwer will use 475 mln eur to finance a share buyback, while using the rest of the proceeds to reduce debt and invest in the company.The Education division is active in seven European countries, has annual sales of approximately 316 mln eur and employs around 1,450 staff.Wolters Kluwer lowered its 2007 earnings per share guidance, to 1.45-1.50 eur per share, from an earlier 1.45-1.55 and reiterated its 4 pct organic sales growth and 19-20 pct EBITA margin outlook.kaj.leers@thomson.comkel/amb/kel/ambCOPYRIGHTCopyright 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 talks with Bridgepoint on sale of Education Ops - UPDATE 