The Board of Emap plc announces that it has initiated a formal process for the sale of Emap France. This decision has been taken after a review of the Group?s strategic investment priorities.
Emap France is one of the leading consumer magazine publishers in France with a broad portfolio of consumer magazine and TV listings titles managed by an excellent team. In the financial year to date, Emap France has been trading in line with Emap?s expectations and continues to be strongly cash generative.
The sale process is expected to complete in the first half of the Group?s 06/07 financial year. It is anticipated that surplus net proceeds from the sale will be returned to shareholders as soon as practicable, given the Board?s intention to maintain an efficient capital structure.
Citigroup and BNP Paribas are acting as financial advisers to the Group in relation to the sale process.
Commenting, Tom Moloney, Group Chief Executive of Emap, said:
?Emap has generated significant value by growing Emap France into a leading consumer magazine publisher with a strong position in its market, an attractive portfolio of established titles and a record of successful launches. We have positioned the business for growth and are now starting a process aimed at realising value.?
Emap plans to issue its usual pre-close period trading update on 28 March 2006.