Metro International divests Metro Greece's operation
Metro International S.A. ("Metro") today announced that it has entered into an
agreement for the sale of its Greek operation to Voisins Limited. As a part of
this transaction, Metro has entered into a franchise agreement with the new
owners who will continue to publish the Metro newspaper in Greece.
The transaction will result in a one-off cost for Metro of approximately ?1.8
million, of which ?0.2 million is the expected cash expense. The transaction was
completed today and from 1 June Metro Greece will no longer be consolidated in
Metro's books. Metro is expected to receive revenues under the new franchise
agreement from 2012 onwards. Investment Bank of Greece, member of Marfin Popular
Bank, acted as sole financial advisor to Metro in connection with the
Fragiskos Monogios, Managing Director of Metro Greece, commented: "The strong
history of Metro Greece and Metro's attractive brand name in the free newspaper
market were instrumental for Voisins to invest in Metro Greece despite the
challenging environment currently faced by the Greek media industry. The change
of ownership means business as usual for Metro Greece and we look forward to
continuing to provide the high quality news reporting that our audience has been
accustomed to for over 10 years."
Per Mikael Jensen, President and CEO of Metro International, added: "The
divestment from Greece is one of several transactions that Metro has completed
in order to free up resources to invest in emerging markets in line with our
corporate strategy. At the same time, the deal allows us to maintain our
existing global reach and pan-European distribution platform, which is important
to our international advertisers. We believe the new owner of Metro Greece is in
a better position to develop the business. Given the macroeconomic environment
in Greece, I am satisfied to have succeeded in reaching an agreement which
allows the continuation of the operation as a franchise."
For further information please visit wwww.metro.lu or contact:
Per Mikael Jensen, President & CEO +46 8 120 570 00
Anders Kronborg, CFO +46 8 120 570 00
Linda Fors, Head of Investor Relations +46 704 15 95 30
ABOUT METRO INTERNATIONAL AND METRO
Metro is the largest international newspaper in the world. Metro is published
in over 100 major cities in 19 countries across Europe, North & South America
and Asia. Metro has a unique global reach - attracting a young, active,
well-educated Metropolitan audience of 17 million daily readers.
Metro International S.A. shares are listed on Nasdaq OMX Stockholm through
Swedish Depository Receipts of series A and series B under the symbols MTROA and
Press Release Greece: http://hugin.info/132142/R/1426862/374629.pdf
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Source: Metro International via Thomson Reuters ONE