H Bauer Buys Emap’s Magazine And Radio Divisions

German publishing group H Bauer has agreed to buy Emap’s magazine and radio divisions for £1.14 billion.

In a statement released this morning Emap added that it will not be selling its business-to-business division, which covers trade magazines and exhibitions.

Commentators had thought that the group’s business-to-business division was Emap’s most attractive asset and some had estimated that it would be sold for as much as £1.3 billion.

After the completion of the sales, Emap intends to return approximately £1 billion to shareholders.

The deal is dependent on approval by shareholders, which will be sought at a special meeting in January.

Emap put itself up for sale in July following a series of approaches from possible buyers and pressure from shareholders.

Alun Cathcart, Emap executive chairman, said: “We are pleased to have achieved a successful outcome in the review of Emap’s Group structure. The price achieved for Emap Consumer Media and Emap Radio fully reflects the value of the two divisions.

“Emap will now be a focused B2B company with strong market positions, strong cash flow and a proven management team and track record in delivering value and growth.”

Emap: 01733 568 900 www.emap.co.uk