Arnoldo Mondadori Editore S.p.A. announces the closing today of the disposal of Confidenze, Cucina Moderna, Sale&Pepe, Starbene and Tustyle to Stile Italia Edizioni S.r.l., a newly-formed company owned 75% by La Verità S.r.l. and 25% by Arnoldo Mondadori Editore S.p.A.: the transaction will take effect as from 31 December 2019.
As previously announced last 23 October, the agreement includes an earn out in favour of Arnoldo Mondadori Editore S.p.A. and put/call mechanisms on the 25% investment held by Arnoldo Mondadori Editore S.p.A. in the NewCo.
In 2018, the five magazines generated revenue of € 22.4 million.
In accordance with the provisions of law, the procedure with the trade unions was put into effect.
The transaction is part of the Group’s strategy of focusing on its core businesses through Mondadori Libri S.p.A., Mondadori Retail S.p.A. and Mondadori Media S.p.A..