LAGARDERE SCA today announced the sale of 100% of GROLIER Inc
Paris, April 14th, 2000
today announced the sale of 100% of GROLIER Inc. for 0 millions in cash to the American publisher SCHOLASTIC Corp.
This agreement represents significant progress in the Company’s strategy, announced earlier this year by Arnaud LAGARDERE, of pursuing non-core asset disposals.
Proceeds of this transaction will be used to finance the development of the Company’s digital activities, which are now its primary focus.
DEUTSCHE BANK ALEX BROWN advised LAGARDERE on matters relating to the sale of GROLIER Inc.
SCHOLASTIC Corp. is one of the first American children’s book publishers and a leader in the school clubs market.
GROLIER Inc., a subsidiary of LAGARDERE, is a publisher and direct marketer of children’s books and encyclopedias.
Press : Thierry FUNCK-BRENTANO - Tel. 33 1 40 69 16 34
Financial Information : Alain LEMARCHAND - Tel. 33 1 40 69 18 02
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