Storytel AB (publ) entered into an agreement on 1 March 2017 regarding the acquisition of Denmark’s fourth largest publisher – People's Press. The consideration amounted to SEK 97 million on a debt-free basis.
People's Press has an annual turnover of about SEK 130 million and a 2016 pre-tax profit of SEK 10.5 million. The acquisition does not include the music side of the business.
The acquisition, which is a step in Storytel’s strategy to expand internationally, strengthens Storytel’s position on the Danish market and enables an increased range of audio-books in Denmark.
Baker McKenzie advised Storytel on the acquisition. Tobias Edenman, Anna Orlander and Ian Gulam were the main advisors from Baker McKenzie.