Axel Springer AG / Joint Venture
23.03.2010 23:34
Dissemination of an Ad hoc announcement according to § 15 WpHG, transmitted by
DGAP - a company of EquityStory AG.
The issuer is solely responsible for the content of this announcement.
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Ad-hoc-Announcement pursuant to Section 15 WpHG
Axel Springer and Ringier AG combine activities in eastern Europe
Axel Springer AG, Berlin and Ringier AG, Zurich are combining their foreign
business activities in eastern Europe and executed an agreement today to
form a joint venture based in Zurich. Axel Springer will contribute its
subsidiaries in Poland, the Czech Republic and Hungary to the joint
venture, and Ringier will contribute its activities in Serbia, Slovakia,
the Czech Republic and Hungary. In addition, Axel Springer will make a cash
contribution in an amount of EUR 50 million to the joint venture as well as
a compensation payment to Ringier in an amount of EUR 125 million. Each
party will hold a 50% stake in the joint venture, which will take the legal
form of a Swiss corporation. Pursuant to the agreements underlying the
transaction, the joint venture with revenues of EUR 414 million and an
EBITDA of approximately EUR 62 million on a pro forma 2009 basis will be
fully consolidated in the consolidated financial statements of Axel
Springer in accordance with the accounting principles of IFRS/IAS.
The transaction is subject to approval of the competent antitrust and media
authorities.
Axel Springer AG
Axel-Springer-StraÃe 65
D-10888 Berlin
Investor Relations contact:
Daniel Fard-Yazdani
Tel.: +49 (030) 2591-77425
daniel.fard-yazdani@axelspringer.de
23.03.2010 23:34 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Medienarchiv at |[![CDATA[|[a href="http://www.dgap-medientreff.de"|]www.dgap-medientreff.de|[/a|]]]|] and |[![CDATA[|[a href="http://www.dgap.de"|]www.dgap.de|[/a|]]]|]
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Language: English
Company: Axel Springer AG
Axel-Springer-StraÃe 65
10888 Berlin
Deutschland
Phone: +49 (0)30 2591-77421
Fax: +49 (0)30 2591-77422
E-mail: ir@axelspringer.de
Internet: www.axelspringer.de
ISIN: DE0005501357, DE0005754238
WKN: 550135, 575423
Indices: SDAX
Listed: Regulierter Markt in Frankfurt (Prime Standard); Freiverkehr
in Berlin, München, Hannover, Düsseldorf, Hamburg, Stuttgart
End of News DGAP News-Service
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DGAP-Adhoc: Axel Springer and Ringier AG combine activities in eastern Europe
| Source: EQS Group AG