Wolters Kluwer nv announces the acquisition of ABG Professional Information, the commercial publishing arm of the Institute of Chartered Accountants in England and Wales (ICAEW), and Europe's largest accountancy institute. ABG, based in London, has annual sales (2001) of EUR 22 million and an extensive portfolio of audit, accountancy and assurance subjects in both print and electronic format. ABG will become part of Croner.CCH, (London, United Kingdom), a Wolters Kluwer company, making Croner.CCH a leading player in the financial and fiscal market of the United Kingdom. Over a 10 year period the total payments in nominal value will amount to approximately EUR 64 million. Wolters Kluwer expects that the transaction will contribute to the benchmark net profit in 2002.
The acquisition strongly complements the extensive range of Croner.CCH's offerings in the tax market, comprising reference material, tax compliance software, telephone advice lines, fee protection services and continued professional education. The combined operation will offer a unique range of solutions for the tax, accountancy and finance professionals.
ABG Professional Information has three main activities:
Magazine publishing. ABG publishes the UK's most prestigious accountancy magazine 'Accountancy' with a paid subscriber base of 61,000 for qualified accountants.
Information Publishing. The company provides a range of loose leaf books, newsletters, CDROMs, manuals, and books in the accountancy/audit and other compliance related areas.
Seminars/events. ABG provides continuing professional development courses to qualified accountants.
Part of the agreement is a strategic and long-term partnership with the Institute of Chartered Accountants in England and Wales. Under the agreement Croner.CCH will become the Institute's publisher with certain exclusive rights.
Jean-Marc M. Detailleur, Member of the Executive Board of Wolters Kluwer and responsible for Legal, Tax & Business Europe, said about the acquisition: 'In the United Kingdom our business unit Croner.CCH was already a premier league player in the fields of Human Resources, and Health and Safety and now we will reap the benefits of a strong position in the financial and fiscal market as well. The relationship with the ICAEW, which represents over 120,000 leading business professionals in the UK and internationally, will give us the perfect platform of professional customers and will further improve and increase the range and quality of our products and services.'
Michael Groom, President of the Institute of Chartered Accountants in England and Wales commented: 'I am delighted that we have joined forces with the globally renowned Wolters Kluwer. As a result of this alliance our members will have access to the highest quality commercial content, practice management tools, services and continued education. Wolters Kluwer has an excellent track record and will build on the success of ABG's publishing business. I foresee great benefits for the Institute and our members.'
Note for the editor:
Croner.CCH is a market-leading UK provider of integrated business solutions - information, software and services - to a range of business and professional markets, including Human Resources, Health and Safety, Finance and Tax, Public and Social, and Transport. Croner.CCH operates using the Croner name in business markets, the CCH brand for professional advisers, and IRPC for business consulting.
Wolters Kluwer is a multinational information services company with annual sales of approximately EUR 3.7 billion, employing 19,000 people in Europe, North America and Asia Pacific. The company's core activities are Legal, Tax and Business, International Health and Science, and Education. The Wolters Kluwer shares are quoted on the Euronext Amsterdam. The financial results for the year 2001 will be announced on 19 March 2002.