Reed Elsevier offers to acquire MediMedia Medical academic publishing assets.
MAP was created in July 2004 from MediMedia activities in the publishing of academic and educational books, medical and scientific journals, and customized communication areas operating under the names of Masson in France, Spain, Italy and Mexico, Doyma in Spain and Mexico and The Medicine Publishing Company, the producer of medical textbooks, CDs and online information services, in the U.K. Created in 1804, Masson is a medical publisher that produces more than 1,500 titles, 53 journals, and 200 new titles published each year. Masson's books and specialty publications reach both European and international readers and provide information resources, including continuing medical educational and pharmaceutical industry sponsored communications, to students and healthcare professionals. The businesses to be acquired had revenues of 101 million pounds and EBITDA of 16 million pounds in 2004.
Reed Elsevier said that shared operations and sales with the acquired assets are expected to increase revenue 7-8% per annum in the second year post acquisition and to 'significantly improve profitability.' The deal is expected to be accretive to adjusted earnings from the outset, and to generate post tax annual returns in excess of 8% within three years. Elsevier's Health Sciences International business outside the U.S. had revenues of $414 million in 2004 and expects organic growth of around 7% for 2005.
If and when the offer is finalized, Santemedia's remaining activities would be those of MediMedia USA which operates in the U.S. and Canada, including Atmedica USA, BioCommunications, BioTechnology Healthcare, Krames, 'Managed Care' magazine, MediMedia Educational Group, MediMedia Managed Care, MediMedia Technologies, Staywell and Veterinary Learning Systems, among others. In March, MediMedia USA acquired Health Newsletters Direct (Evanston, IL), a publisher of newsletters for hospitals, health systems and managed care organizations, while in January the company sold its French trade press and services properties, including three medical journals, to United Business Media.
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|Comment:||Reed Elsevier offers to acquire MediMedia Medical academic publishing assets.|
|Date:||May 31, 2005|
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