Byggfakta Group divests media titles
Byggfakta Group has entered an agreement to sell 33% of its shares in the subsidiary Jakt & Fiskejournalen Sverige AB to Jakt är Jakt Scandinavia AB. Jakt & Fiskejournalen Sverige AB currently consists of five media titles and an online store for sport fishing equipment.
Before the transaction, Byggfakta Group holds 67% of the shares in Jakt & Fiskejournalen Sverige AB. The company has primarily focused on publishing magazines related to hunting, fishing, dogs and outdoor life, though since 2020 it has also established an online store for sport fishing. The divestment means that Byggfakta Group will go from being a majority to a minority shareholder.
The sale pertains exclusively to media titles within hunting, fishing, dogs and outdoor life. It does not include media titles owned by Byggfakta Group that focus on the construction sector or healthcare.
“This is the right step to take, for Byggfakta Group as well as for Jakt & Fiskejournalen Sverige AB. In the long-term perspective, media businesses without connection to the construction and healthcare sector is not part our core operations. Through this sale, we’re giving the company and its operations better potential for positive development going forward. Its margins have also been relatively low, meaning that the sale will have a positive impact on our EBITDA margin,” says Dario Aganovic, CEO of Byggfakta Group.
In conjunction with the sale, Jakt & Fiskejournalen Sverige AB will be consolidated into a newly formed company, in which the new owners will provide additional capital and issue additional shares. After dilution, Byggfakta Group will hold 36% of the shares. The results from the holding will no longer be consolidated in Byggfakta Group and not be included in the Healthcare & Media operating segment.
The company had sales of MSEK 53 in 2022, which will be deducted from the operating segment’s sales. However, the derecognition will have no material impact on earnings for the operating segment or the Group.