Helsinki-based media company Sanoma is acquiring Santillana Spain, a provider of K12 learning materials, from Promotora de Informaciones for €465 million, in a transaction expected to be finalised during the first half of next year.
Santillana Spain provides learning materials, primarily textbooks, for primary and secondary education in Spain under brands such as Santillana, Loqueleo and Richmond.
Sanoma stated it aims to become a leading player in the learning content market in Spain, where it already operates in learning content distribution, as well as in digital platforms for teaching and administration through Iddink Spain and Clickedu, both acquired last year.
Santillana Spain operates in all educational regions in Spain, which is a relatively fragmented market partially due to its 17 educational regions, each running its own curriculum.
Sanoma’s president and chief executive Susan Duinhoven said: “This acquisition is a strong next step in Sanoma’s strategic transformation into a growing European learning company and a leading cross-media company in Finland. It will grow learning’s share of the group’s earnings from 55% to over 65% and further strengthen our cash flow generation capabilities.
“We see great potential in the Spanish market, related not only to the upcoming curriculum renewal expected to be implemented in 2022-23, but also to increasing digitalisation, which has been further stimulated by extensive use of remote learning during the coronavirus pandemic.
“We are planning to use our solid experience in highly digitalised countries and our digital platforms developed over the past 10 years to accelerate growth of Santillana Spain over time.”
Date published: 19 October 2020