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Finland's Sanoma to acquire educational services provider Iddink

Finnish media group Sanoma Oyj is acquiring Iddink Groep BV, a provider of educational platforms and services, for €277 million.

The acquisition is expected to strengthen Sanoma's growth strategy through its unit Sanoma Learning BV while enabling Sanoma and Iddink to jointly develop digital solutions for clients in the education sector.

Sanoma will initially fund the deal with a €300 million bridge facility, to be replaced with longer-term funding prior to deal completion.

The transaction is expected to be completed between the second and third quarters of 2019, subject to customary closing conditions such as regulatory approvals and the completion of works council consultation procedures at Iddink.

Post deal closing, Iddink's daily operations and organization will remain separate from Sanoma. It will also be able to keep its clients, including publishers and content providers, in its operating markets.

Iddink, doing business in the Netherlands, Belgium and Spain, distributes printed and digital learning materials. It also provides student information systems such as Magister and Eduarte, as well as data analytics and learning solutions.