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Metro International S.A. is a Luxembourg limited-liability company
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Metro International divests Metro Italy's operations and signs franchise agreement
31 July 2009
Metro International S.A. ("Metro International") today announces that it has entered into an agreement for the sale of its Italian operations to New Media Enterprises S.r.L. as a going concern effective 31 July 2009 for an undisclosed amount. As a part of this transaction, Metro International has entered into a franchise agreement with the new owners who will continue to publish the Metro newspaper in Italy.
New Media Enterprises is an Italian publishing company controlled by Salvatore Puzzo, who has extensive experience in publishing and advertising, both as a publisher (including Ciao 2001, Qui Giovani, Nuova Economia and other publications), and as a marketing and communication expert. Litosud S.r.L., an Italian printing company, holds a minority stake in New Media Enterprises.
Mr. Puzzo said: "The acquisition of Metro Italy represents a great and challenging opportunity for New Media Enterprises and provides a chance to cooperate with the leading international group in the free press. I'm confident that this cooperation shall be successful and will allow us to enhance the Italian operations of Metro".
Mr. Per Mikael Jensen, CEO and President of Metro International said: "This deal is one of several transactions that Metro International has done in an attempt to consolidate in a number of our European markets in line with our strategy. The deal allows Metro International to continue to maintain its existing global reach and pan-European distribution platform which is important to our international advertisers. In addition to their experience and know-how, the new shareholders will benefit from the synergies with their existing operations and will therefore be in a good position to drive Metro Italy to profitability. This transaction is therefore to the benefit of all parties".
The transaction is estimated to have a positive cash flow impact for Metro International of approximately € 1.5 million in 2009. There will also be a one off positive gain on disposal of the operations. The transaction is expected to be completed later today July 31st 2009.
For further information, please visit www.metro.lu or contact:| Per Mikael Jensen, CEO and President | Tel: +44 (0)78 4167 3230 |
| Anders Kronborg, CFO | Tel: +44 (0)79 1254 0800 |
| Silvio De Groot, EVP | Tel: +31 6 21 84 37 55 |
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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 MTROB.