Combination to benefit directory advertisers and users Competition authority (NMa) approval required Completion of transaction expected during the first half of 2008
Amsterdam, 4 December 2007 - European Directories SA (“European Directories”), owner of De Telefoongids BV (“De Telefoongids”), and Truvo Nederland BV (“Truvo Nederland”), publisher of Gouden Gids, are in discussions which, subject to approval by the NMa and satisfaction of a number of other conditions, will lead to the acquisition of Truvo Nederland by European Directories.
Both European Directories and Truvo believe that the combination of their businesses will provide benefits to advertisers and users. Advertisers will gain access to a larger group of users and generate an increased return on their advertising spend. Users will benefit from the convenience of one truly complete directory giving access to more information on all businesses in print, online and other media. A recent representative survey conducted by NIPO indicates that the majority of advertisers and users prefer to have one directory.
The 2008 print and online directories published by De Telefoongids and by Truvo Nederland (under the Gouden Gids brand), will be unaffected by the proposed combination. From 2009 it is anticipated that the two product portfolios will be combined into one.
The combined business will have the scale to compete more effectively in the rapidly changing directory and search market and take full advantage of the growth opportunities it presents. In particular, the combination will enable development of enhanced on line search products and services that will provide increased benefits to advertisers and users in The Netherlands.
Cornel Riklin, CEO of European Directories, said “We are very excited about this proposed combination which will accelerate our plans to be a leading search company in The Netherlands with complete and comprehensive directory products in all media, from print to Internet and mobile markets.
“Both parties recognize that a combination of their activities provides the economies of scale needed for long term success in the increasingly competitive search advertising market, which will also provide new development opportunities for many of the employees”, Andrew Day, CEO of Truvo said.
The proposed transaction is subject mainly to completion of the works council consultation procedures, satisfactory agreement on terms, and approval from the Dutch competition authority, the NMa. A formal NMa notification will be filed in due course. The parties will co- operate closely with the NMa and are confident that the NMa will also acknowledge the clear benefits the proposed combination offers to advertisers and users. It is expected that the proposed merger could be completed in the first half of 2008.
About De Telefoongids BV
De Telefoongids BV consists of several different businesses and brands; amongst others De Telefoongids, Suurland Outdoor, City & Tourist Promotions (local government guides) and LokaalTotaal (local guides). De Telefoongids BV is a leading provider of directory services in
the Netherlands. Besides the annual publication of free regional guides and local guides to all households and companies in the Netherlands, De Telefoongids can be consulted via; www.detelefoongids.nl, It offers the 1888 number information desk, SMS 1313, Siemens home phone, Nokia local search, Google Earth and mobile route planners (FalkMobile and KPN on route). The head office of De Telefoongids BV is located in Amsterdam.
About European Directories
European Directories is a geographically diversified directories group, holding the number one or strong positions in several markets across Europe including The Netherlands, Finland, Denmark, Poland, Austria, Czech Republic, Sweden, Gibraltar and Slovakia. We have around 4,000 employees and over 700,000 customers.
EDSA connects buyers and sellers by providing directory services through phone books (white/yellow pages style), the internet, directory assistance and mobile phones. Day-to-day operations are conducted at a country level by operating companies which are located in each of the countries. A small Group Office located in London co-ordinates key initiatives across the Group and promotes best-practice behaviour amongst the operating companies.
About Truvo Nederland (publisher of Gouden Gids)
Truvo Nederland publishes the iconic "Gouden Gids" printed directories which for for more than 40 years have offered simple, fast and effective local search, helping Dutch consumers to make better purchase decisions. Truvo Nederland’s comprehensive database of businesses is easily accessible by consumers via print, online (www.goudengids.nl) and mobile channels (Truvo mobile) and is supplemented by a convenient on-line alphabetic directory www.nationaletelefoongids.nl.
About Truvo
Truvo, formerly World Directories, is a leading international business operating across seven countries in the local search and advertising market. It creates value by providing an integrated portfolio of cost-effective and simple-to-use advertising that connects buyers quickly and efficiently with sellers. Truvo offers a range of complementary services, in print, on-line, telephone and mobile, to assist the consumer in making informed purchase decisions.
Truvo currently operates in Belgium, Portugal, Ireland, The Netherlands and Romania and has interests in South Africa & Puerto Rico.
Visit European Directories at www.europeandirectories.com Visit De Telefoongids at www.detelefoongids.nl Visit Truvo at www.truvo.com
Media contacts:
European Directories
Cornel Riklin +44 208 987 8141 or 8110
European Directories
Marcel van der Molen +31 (0)20 40 86 105 m.molen@detelefoongids.nl
Truvo
Owen Fitzpatrick T +32 (0)3 285 64 37 owen.fitzpatrick@truvo.com
Truvo
Sander Janmaat T +31 (0)20 5 676 556 Sander.janmaat@truvo.nl
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