Sanoma Magazines International to acquire Bulgarian Internet company

Telecomworldwire,  April 28, 2008  

• E-mail
• Print
• Link

TELECOMWORLDWIRE-28 April 2008-Sanoma Magazines International to acquire Bulgarian Internet company(C)1994-2008 M2 COMMUNICATIONS LTD http://www.m2.com

Finnish media group SanomaWSOY Corporation (OMX Helsinki: SWS1V) said on Monday (28 April) that its subsidiary, Sanoma Magazines International, has signed an agreement to acquire approximately 68% in Net Info.BG AD, Bulgaria's leading Internet company.

Sellers are group of venture capital companies and private individuals, the company said.

Sanoma Magazines International will invite other shareholders holding approximately 15% of the shares to sell their shares. Sanoma Magazines International has also agreed with the remaining shareholders to buy their approximately 17% of shares in a period up to 2011.

Net Info owns online properties like Abv.bg (the most popular Bulgarian free e-mail service), Gbg.bg (a directory site), Vbox7.com (Bulgaria's leading streaming video site) and Netinfo.bg (a leading news information site).

In 2007 Net Info's net sales amounted to EUR2.3m and the company employed 127 full-time employees.

The acquisition price was not disclosed.

((Comments on this story may be sent to tww.feedback@m2.com))

COPYRIGHT 2008 M2 Communications Ltd.
COPYRIGHT 2008 Gale, Cengage Learning