Just days after acquiring the Russian publisher Lux Media, Sanoma Magazines, the magazine division of SanomaWSOY Group, agreed to acquire 68% shares in the leading Bulgarian web publisher Net Info.BG from a group of venture capital and private investors.
Net Info owns the most popular Bulgarian free email service Abv.bg, online diretory Gbg.bg, video sharing site Vbox7.com and news portal Netinfo.bg. Net Info‘s net sales amounted to EUR 2.3 million and EBITDA of EUR 1.2 million in 2007. The company, which employs 127 full-time staff, expected its net sales to double to EUR 4.6 million in 2008.
As a part of the deal, Sanoma will invite other shareholders of Net Info holding 15% of the shares to sell their shares and agreed with the remaining shareholders to buy their 17% of shares before 2011.
In Bulgaria, Sanoma has a leading position in consumer magazine publishing through its company Sanoma Bliasak Bulgaria. Koos Guis, CEO of Sanoma Magazines International said that through the acquisition Sanoma would immediately achieve similar market leading positions in digital media as it did in magazine publishing in Bulgaria.
In Russia, Independent Media, part of Sanoma Magazines recently acquired blogging business Webpark.ru and women’s portal Ameno.ru.