Cuatrecasas advises Sanoma in the acquisition of Santillana Spain, a leading provider of K-12 learning materials

Sanoma has signed an agreement to acquire Santillana Spain, a leading Spanish provider of K-12 learning materials, from Promotora de Informaciones S.A. (Grupo Prisa). With this acquisition, in which Cuatrecasas has participated as legal advisor, Sanoma significantly expands its position in the Spanish K-12 learning services market, which is one of the largest in Europe. The Cuatrecasas team that has advised the Helsinki-based company (Finland) has been made up of Diana Rivera, Mariano Ucar, Javier Rovira, Alejandro Negro y Andrew Ward. Net sales of the acquired business were EUR 128 million and pro forma adjusted EBITDA was EUR 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 EUR 122 million, and operational EBITDA EUR 48 million on average. The agreed enterprise value of the acquired business is EUR 465 million, corresponding to a multiple of 9.3 (EV / Pro forma adjusted EBITDA 2019). The transaction is expected to be finalised during H1 2021. Further information here.