Wolters Kluwer to sell legal training business in the United States
Wolters Kluwer at Dinvest his we legal training Business
September 27, 2021 – Wolters Kluwer Legal & Regulatory we announces that he has sign a relationship agreement To to sell his we legal training Business to the Transom Capital Group for $88 millions in cash. Wolters Kluwer intends to deploy the after tax proceeds from additional share buybacks to mitigate the Adjusted EPS dilution related to elimination.
The divestiture will allow Wolters Kluwer Legal & Regulatory US to focus more on supporting legal professionals with the domain expertise and cutting-edge solutions they need.
The U.S. legal education company, which primarily produces textbooks and innovative digital educational solutions for law students, reported sales of $ 33 million in 2020 and is profitable. Iconic red and black books have become synonymous with premium content. The company has about fifty full-time employees.
“After careful consideration, we are delighted to have found a new owner for the legal education company who recognizes the value of our highly regarded content and solutions and who is committed to continuing to grow the business.” , said Dean Sonderegger, Senior Vice President and General Manager, Wolters Kluwer Legal & Regulatory US “We are confident that Transom Capital Group will continue to serve with excellence writers, faculty, students and others in the global community. legal education.
James Oh, Managing Partner of Transom Capital Group, said, “We look forward to serving the legal education community as we invest and further develop the business. One of Transom’s main strategies has been to invest in leading brands in the market. We look forward to continuing the success of the business and investing in the various growth avenues available to the business. We respect and admire the team that will now be part of the Transom family.
Completion of the sale is subject to customary closing conditions and is expected to take several months. The sale should result in a one-off capital gain (not benchmark). Once finalized, Wolters Kluwer intends to use the after-tax proceeds of approximately € 60 million towards additional share buybacks to mitigate the expected dilution on adjusted earnings per share from the sale.
About Wolters Kluwer
Wolters Kluwer (WKL) is a global leader in professional information, software solutions and services for healthcare; taxation and accounting; governance, risks and compliance; and the legal and regulatory sectors. We help our clients make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.
Wolters Kluwer achieved 2020 annual sales of 4.6 billion euros. The group serves customers in more than 180 countries, maintains operations in more than 40 countries and employs approximately 19,200 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are part of the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored level 1 American Depositary Receipt (ADR) program. ADRs are traded on the over-the-counter market in the United States (WTKWY).
For more information, visit www.wolterskluwer.com, follow us on Twitter, Facebook, LinkedIn and YouTube.
Forward-looking statements and other important legal information
This report contains forward-looking statements. These statements can be identified by words such as “expect”, “should”, “could”, “must” and similar expressions. Wolters Kluwer warns
that these forward-looking statements are subject to certain risks and uncertainties which could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors that could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; the conditions of the markets in which Wolters Kluwer is present; behavior of customers, suppliers and competitors; technological development; the implementation and execution of new ICT systems or outsourcing; and legal, tax and regulatory rules affecting Wolters Kluwer’s business, as well as risks associated with mergers, acquisitions and divestitures. In addition, financial risks such as currency fluctuations, interest rate fluctuations, liquidity and credit risks could affect future results. The foregoing list of factors should not be considered exhaustive. Wolters Kluwer disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release contains information which must be made public under Regulation (EU) 596/2014.