Sanoma expands position in Spanish learning services market

We advised Sanoma on acquiring Santillana Spain, valued at €465 million.

Sanoma has signed an agreement to acquire Santillana Spain, a leading Spanish provider of textbooks and other learning materials for primary education (K-12), from Prisa Group. With this acquisition, Sanoma significantly expands its position in the Spanish K-12 learning services market, which is one of the largest in Europe.

Net sales of the acquired business were €128 million and pro forma adjusted EBITDA was €50 million in 2019, which was the peak year of the current curriculum. During the current curriculum in 2016-2019, Santillana Spain’s annual net sales were €122 million and operational EBITDA €48 million in average. The transaction was closed in December 2020.