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Sanoma buys 75% of Láng Kiadó

SanomaWSOY Oyj, the Nordic region's biggest media company, bought 75% of publisher Láng Kiadó és Holding Zrt to expand in the Hungarian education material market, Sanoma announced on Tuesday. Láng Kiadó, based in Budapest, has about 300 employees and had sales of €27.5 million last year, SanomaWSOY said in a Helsinki exchange release today. It didn't give a price for the acquisition.

Sanoma bought a 45.04% stake from the previous majority owner, private equity fund Royalton Capital Investors, and 29.96% from Hungarian private investors, who still retain 25% plus one vote in Láng.

SanomaWSOY, based in Helsinki, is expanding to faster-growing markets in Eastern Europe to make up for slower advertising demand in its markets such as Finland and the Netherlands. The company on February 9 said it would study expanding its educational publishing operations to new markets. “The educational market in Hungary is in a very interesting stage,” the company said in the release. Central and Eastern European countries “are in special focus” in SanomaWSOY's growth strategy.