28th Nov 2007 16:00
Reed Elsevier PLC28 November 2007 News Release Issued on behalf of Reed Elsevier PLC and Reed Elsevier NV For immediate release 28 November 2007 CLEARANCE BY US DEPARTMENT OF JUSTICE OF SALE OF HARCOURT US SCHOOLS EDUCATIONBUSINESS TO HOUGHTON MIFFLIN RIVERDEEP GROUP Reed Elsevier is pleased to announce today that the $4.0 billion sale of itsHarcourt US Schools Education Business to Houghton Mifflin Riverdeep Group,announced on 16 July 2007, has received clearance from the US Department ofJustice. Completion of this transaction is expected to take place inmid-December. The US regulatory review of the sale of the Harcourt Assessment business toPearson is continuing and this transaction is expected to complete by late 2007/early 2008. The sale of the Harcourt Education International businesses toPearson completed earlier in 2007. The sale of the Harcourt Assessment andInternational businesses to Pearson was announced on 4 May 2007. The aggregate net proceeds of the sale of the entire Harcourt Education divisionof approximately $4.0 billion will be returned to shareholders by way of specialdividend in the equalisation ratio followed by a corresponding consolidation ofthe share capitals of Reed Elsevier PLC and Reed Elsevier NV. Further details of the special dividend and the share consolidation will beannounced on completion of the sale to Houghton Mifflin Riverdeep Group andthese transactions will be implemented shortly thereafter, expected to be inJanuary 2008. The aggregate net proceeds will be distributed irrespective ofwhether or not the sale of Harcourt Assessment to Pearson has closed. - ends - For further information please contact: Sybella Stanley Tel: +44 (0) 20 7166 5630(Investors) Tim Haigh Tel: +44 (0) 20 7166 5739(Media) Notes to editors Reed Elsevier Group plc Reed Elsevier Group plc is a world leading publisher and information provider.It is owned equally by its two parent companies, Reed Elsevier PLC and ReedElsevier NV. The parent companies are listed on the London, Amsterdam and NewYork Stock Exchanges, under the following ticker symbols: London: REL;Amsterdam: REN; New York: RUK and ENL. In 2006, Reed Elsevier made adjustedprofit before taxation of £1,052 million on turnover of £5,398 million. Thegroup employs 36,000 people, including approximately 20,000 in North America.Operating in the scientific, legal, educational and business-to-businesssectors, Reed Elsevier provides high value and flexible information solutions toprofessional end users, with increasing emphasis on internet delivery. This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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