Nordic Business Report-June 29, 2006-Orkla ASA to sell Orkla Media to Mecom Group Plc
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The Norwegian multi-sector group Orkla ASA announced on Wednesday (28 June) that it has decided to sell its media business Orkla Media to United Kingdom based media investor Mecom Group Plc.
The deal, to be finalised in mid-July, will make Orkla a significant shareholder in Mecom.
Mecom intends to continue Orkla Media's operations under the present management and organisation.
Orkla Media is the Nordic area's fifth largest media group with revenues of nearly NOK8.6bn. In addition to activities in the Nordic countries Orkla Media also has operations in Poland, Lithuania and the Ukraine.
The proposed deal excludes Orkla Media's ownership in Hjemmet Mortensen and Orkla Media Germany.
One Norwegian krone (NOK) is worth approximately 0.09 British pounds (GBP).
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