Belgian publisher DPG Media NV agreed to acquire Sanoma Oyj unit Sanoma Media Netherlands BV for an enterprise value of €460 million.
Sanoma Media Netherlands publishes Dutch and Belgian magazines such as Libelle, Donald Duck, vtwonen and Veronica, as well as online news platform NU.nl.
The deal is in line with Sanoma's aim of transforming itself into a company with a dual focus on learning and cross-media businesses. Following the transaction, Sanoma's operations will consist of Sanoma Learning BV and Sanoma Media Finland Oy.
The transaction is expected to be completed during the third quarter of 2020 at the latest. It is subject to approval by the Netherlands Authority for Consumers and Markets, as well as the completion of a works council consultation. Sanoma will use the deal's proceeds to pay down its debt.
The Finnish media group also named Rob Kolkman CEO of Sanoma Learning, effective Jan. 1, 2020. He will assume the post while retaining his current role as CEO of Sanoma Media Netherlands until its sale is completed. He will also remain on Sanoma's executive management team.
Kolkman is replacing John Martin, who will continue working on Sanoma's strategic projects until he leaves the company in spring 2020.
Sanoma earlier acquired educational services provider Iddink Groep BV for €277 million.