Leading Bulgarian internet company acquired
Amsterdam, 28 April 2008 - Sanoma Magazines International is acquiring 68% of the shares in Net Info.BG AD, Bulgaria’s leading internet company. Sellers are groups of venture capitalist companies and private individuals. Sanoma Magazines International will invite other shareholders holding approximately 15% of the shares to sell their shares as well. Additionally Sanoma Magazines International has agreed with the remaining shareholders to buy their approximately 17% of shares in a period up to 2011. The transaction is subject to approval from the Bulgarian antitrust officials.
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 €2.3 million. The company employed 127 employees (full-time equivalents) at the end of 2007.
Sanoma Magazines International is part of Sanoma Magazines, the magazine division of the SanomaWSOY Group. Sanoma Magazines is one of the largest European magazine publishers with leading market positions in Belgium, the Czech Republic, Finland, Hungary, the Netherlands and Russia. In addition to magazine publishing, Sanoma Magazines is rapidly expanding its business to digital media platforms. In this area, the company already occupies leading market positions in Hungary and the Netherlands. The agreed acquisition of Net Info fits this strategy.
In Bulgaria Sanoma Magazines International has a leading position in consumer magazine publishing through its company Sanoma Bliasak Bulgaria (SBB). Net Info and SBB will remain separate companies, allowing them to focus on their own core businesses. Net Info will be managed by its current CEO Victor Penev, who will remain with Net Info.
Victor Penev comments: “Sanoma Magazines International is a great fit for Net Info both strategically and culturally. This business combination will further strengthen Net Info’s position in the Bulgarian market and open new frontiers for product development and business growth”.
Koos Guis, CEO of Sanoma Magazines International adds: “This acquisition emphasises our ambition to achieve similar market leading positions in digital media as we do in magazine publishing. Through the acquisition of Net Info we immediately reach that goal in Bulgaria. Net Info is an excellent platform for continuous growth with products that also have value for our other operations. We are very pleased to welcome the whole team as part of the Group.”
About Net Info.BG AD:
Net Info is the digital space leader in Bulgaria. The company develops and supports a wide array of digital offerings, ranging from e-mail, to search, to online content. Net Info's products and services are an inseparable part of the digital lifestyle of every Bulgarian, meeting the users need for:
- Communication: Abv.bg, ABV*ICQ
- Information: netinfo.bg, sportni.bg
- Searching for information: gbg.bg
- Entertainment: vbox7.com
Since 1998 the company constantly expands its product network, trying to deliver more information and communication services to its users. Gaining experience within this extremely dynamic business, Net Info met the requirements of two of world Internet leaders - Google Inc. and ICQ Inc., becoming strategic partners for the region of Bulgaria.Today Net Info operates the biggest advertising network of websites in the country, managing about 30 partner sites, each a leader in its category. The company also possesses shares in a couple of innovative web 2.0 projects, a hosting company, as well as a leading creative web studio.
About Sanoma Magazines International:
Sanoma Magazines International, located in Amsterdam (the Netherlands), is a business of Sanoma Magazines. Sanoma Magazines is one of the largest consumer magazine publishers in Europe. The company publishes more than 300 magazines in thirteen different countries. Sanoma Magazines International is responsible for Sanoma Magazines’ activities in Russia and Central, Eastern and South East Europe. Apart from developing its strong portfolio of magazine brands, Sanoma Magazines is expanding its business to digital media platforms. Sanoma Magazines is a division of SanomaWSOY, a strong European media group operating in diverse fields of media in more than 20 countries.
For more information, please contact (not for publication):
Net Info.BG AD
Svetlana Belcheva, PR Manager
Sanoma Magazines International
Koos Guis, CEO
