Wolters Kluwer Legal & Regulatory Solutions has signed an agreement to sell its 55% interest in Wolters Kluwer Russia Publishing Holding to the company’s minority shareholders. This holding company owns 100% of the Russian legal and regulatory business, MCFR.
The divestment, which is subject to closing conditions and is expected to close in the near term, has been precipitated by i mpending limits on foreign ownership in Russian media companies.
In 2014, the Russian business was fully consolidated in the Wolters Kluwer accounts and had revenues of €39 million. The divestment is expected to result in a one-time net loss of approximately €18 million, of which the majority is foreign exchange related. Terms of the agreement have not been disclosed.