Wolters Kluwer to Expand in Russia through Acquisition of 55% in the
International Centre for Financial and Economic Development
Joint venture with leading Russian publisher extends Wolters Kluwer
Legal, Tax & Regulatory Europe's strong market position in Eastern
Europe
Amsterdam (August 1, 2007) - Wolters Kluwer, a leading global
information services and publishing company, today announced it
reached an agreement on the acquisition of a majority participation
of 55% of shares in the International Centre for Financial and
Economic Development (ICFED), a leading Moscow-based professional
publisher specializing in information services for human resources,
tax, and accounting professionals. Wolters Kluwer has the right to
acquire the remaining 45% of shares over time. The current owners of
ICFED will stay on and remain committed to further success and
expansion of the company. The joint venture will significantly extend
Wolters Kluwer's position in Eastern Europe as a provider of
integrated products and solutions. The current Wolters Kluwer Russia
activities will be part of the joint venture.
ICFED (known in the Russian language as MCFR) holds leading positions
in journals, loose-leafs, books, and education and training for human
resources, tax, accounting, legal, and public administration
professionals throughout Russia. Over the past two years, ICFED has
expanded into Ukraine, Kazakhstan, Uzbekistan, and Azerbaijan - key
members of the Commonwealth of Independent States - launching
customized versions of their products and training resources for HR
and tax professionals. Founded in 1991, ICFED currently has
approximately 800 employees.
"Adding ICFED's market-leading products and services to Wolters
Kluwer's strong European portfolio is a significant step in our
strategy to accelerate profitable growth," said Rolv Eide, CEO of
Wolters Kluwer Legal, Tax & Regulatory Europe. "We see important
potential in emerging markets such as Russia as significant growth in
the number of professionals continues. We are very pleased with this
cooperation and together with our business partners, we can further
grow the business. This joint venture enables us to expand our global
footprint and product offering to better serve our customers in
Eastern Europe."
Maxim Mezhansky, CEO of ICFED, said, "We are proud to begin this
cooperation with Wolters Kluwer. Access to global best practices in
software solutions and online publishing will increase our
opportunities to offer the best solutions to our markets and create
enhanced value for professionals in Russia and the CIS."
Completion of the proposed shareholding is subject to approval by
anti-trust authorities and other customary closing conditions. Terms
of the transaction are not disclosed.
About Wolters Kluwer
Wolters Kluwer is a leading global information services and
publishing company. The company provides products and services for
professionals in the health, tax, accounting, corporate, financial
services, legal and regulatory sectors. Wolters Kluwer has annual
revenues (2006) of ¤3.4 billion, employs approximately 18,450 people
worldwide, and maintains operations across Europe, North America, and
Asia Pacific. Wolters Kluwer is headquartered in Amsterdam, the
Netherlands. Its shares are quoted on the Euronext Amsterdam (WKL)
and are included in the AEX and Euronext 100 indices. For more
information, visit www.wolterskluwer.com.
Contact: Caroline Wouters Kevin Entricken
Vice President, Vice President,
Corporate Communications Investor Relations
Wolters Kluwer nv Wolters Kluwer nv
+ 31 (0)20 6070 459 + 31 (0)20 6070 407
press@wolterskluwer.com ir@wolterskluwer.com
Forward-looking Statements
This press release 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.
