Alphen aan den Rijn, Netherlands, Sept. 3, 2015 (GLOBE NEWSWIRE) -- Wolters Kluwer Legal & Regulatory Solutions has signed an agreement to sell its 55% interest in Wolters Kluwer Russia Publishing Holding to the company's minority shareholders. This holding company owns 100% of the Russian legal and regulatory business, MCFR.
The divestment, which is subject to closing conditions and is expected to close in the near term, has been precipitated by impending limits on foreign ownership in Russian media companies.
In 2014, the Russian business was fully consolidated in the Wolters Kluwer accounts and had revenues of €39 million. The divestment is expected to result in a one-time net loss of approximately €18 million, of which the majority is foreign exchange related. Terms of the agreement have not been disclosed.
About Wolters Kluwer
Wolters Kluwer is a global leader in professional information services. Professionals in the areas of legal, business, tax, accounting, finance, audit, risk, compliance and healthcare rely on Wolters Kluwer's market leading information-enabled tools and software solutions to manage their business efficiently, deliver results to their clients, and succeed in an ever more dynamic world.
Wolters Kluwer reported 2014 annual revenues of €3.7 billion. The group serves customers in over 170 countries, and employs 19,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.
Wolters Kluwer shares are listed on Euronext Amsterdam (WKL) and are included in the AEX and Euronext 100 indices. Wolters Kluwer has a sponsored Level 1 American Depositary Receipt program. The ADRs are traded on the over-the-counter market in the U.S. (WTKWY).
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This report contains forward-looking statements. These statements may be identified by words such as "expect", "should", "could", "shall" and similar expressions. Wolters Kluwer cautions that such forward-looking statements are qualified by certain risks and uncertainties that could cause actual results and events to differ materially from what is contemplated by the forward-looking statements. Factors which could cause actual results to differ from these forward-looking statements may include, without limitation, general economic conditions; conditions in the markets in which Wolters Kluwer is engaged; behavior of customers, suppliers, and competitors; technological developments; the implementation and execution of new ICT systems or outsourcing; and legal, tax, and regulatory rules affecting Wolters Kluwer's businesses, as well as risks related to mergers, acquisitions, and divestments. In addition, financial risks such as currency movements, interest rate fluctuations, liquidity, and credit risks could influence future results. The foregoing list of factors should not be construed as 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.
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Source:Wolters Kluwer NV