RCS Media Group has signed a contract for the sale of RCS Books Mondadori to 127.5 million, on an overall assessment of 130 million. There will be adjustments possible price for plus / minus five million. And ‘it excluded from the sale Adelphi. Start by sitting up sharply for Mondadori and RCS after the agreement reached in late last night on the sale of the books division of the house of Segrate. The proceeds of the sale of RCS Books driven away the prospect of a capital increase by the group that publishes the Corriere della Sera.
“I have already said what I think about the risks of this operation on the delicate market books. But I also repeated from the first minute that the government can not and should not intervene. It will be, if anything, the competition authority under the law to evaluate as always, and in its total independence, the transaction purchase RCS “. So the Minister Franceschini ANSA
“It is an operation which we are particularly proud . A significant investment by a large Italian company In a sector like that of the noble and special book, “said Marina Berlusconi , president of publisher Arnoldo Mondadori. “Mondadori, of which my family is the publisher for the past 25 years to grow back and makes a crucial step towards an ever more solid. But the one announced last night is also an investment in the future of our country and the quality of this future. The industry dynamics push worldwide publishers to join forces. A process that in Italy, where the operators are much smaller than those of other major countries, is even more necessary. The acquisition of RCS Books goes in this direction. (…) And above all we are determined to put all the effort necessary to protect and enhance the system of editorial excellence and cultural Mondadori is at the center “.
The decision of the sale of its books was taken unanimously by the Board of Directors of RCS, it is explained by the group via Rizzoli, and the CEO Pietro Scott Jovane has therefore proceeded to the signing of the contract with the CEO of Mondadori Ernesto Mauri. Today there was also the board of directors of Mondadori operation, explains in turn the company Segrate in a statement, stating that the agreement will allow the Mondadori Group to consolidate its presence in Italy in the book market and in trade ‘scholarly publishing, as well as in the illustrated internationally.
Thanks to the acquisition of RCS Libri “Now we are ready for a new phase of development in the’ craft ‘oldest of Mondadori, the strongest and where we have a tradition of excellence and innovation. ” This was stated in a statement the CEO of the publishing group of Segrate, Ernesto Mauri, explaining that for the publishing group of Segrate open “new opportunities for growth.”
The scope of the transaction includes the ‘ entire stake (99.99%) owned by RCS in society, with the underlying investments. At closing these will also include the 94.71% of Marsilio Editore Spa. The 58% owned in Adelphi Edizioni will be transferred instead to partner Roberto Calasso. The services for which sales were recorded in FY 2014 pro forma revenues to 221.6 million, EBITDA before non-recurring 8.8 million and investments of 11 million, of which 1.7 million is for the renewal of libraries Rizzoli. The transaction price (equity value) amounts to 127.5 million, based on an enterprise value of 130 and a net cash position mediae adjusted (also including the repurchase of minority Marsilio) of 2.5 million. Mechanisms are provided for price adjustment equal to a maximum +/- 5 million on the basis of predetermined financial objectives related to the results of 2015 RCS Books and an earn-out in favor of RCS MediaGroup up to 2.5 million upon the occurrence of certain conditions related the aggregate results of its activities in 2017 libraries. The agreement preserves for all the heads of the RCS Group the opportunity to continue to engage in the publishing of books in line with what is currently offered to its readers. RCS MediaGroup then retains ownership of the brand Rizzoli for all uses except the book publishing activity. The transaction, which will be settled in cash at closing, will allow RCS to one side to dispose of financial resources for investments in business development, the other to strengthen its financial structure and to proceed in the path of redefining main terms of the loan with the lending institutions. The transaction is subject to approval by the appropriate regulatory authorities. Any measures conditional authorization shall not prejudice the completion of the transaction and will not involve changes in the economic conditions for RCS MediaGroup, is clarified.
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