Merger update: European Commission clears Penguin Random House combination
April 05, 2013
Pearson and Bertelsmann today announce that they have been notified by the European Commission that it has approved the proposed merger of Penguin and Random House, without conditions.
The two companies announced their agreement to combine Penguin and Random House in October 2012. The proposed merger is currently under review by a number of other regulatory authorities around the world. To date, approval has been granted by the US Department of Justice in the US, the Australian Competition and Consumer Commission and The New Zealand Commerce Commission. Pearson and Bertelsmann continue to expect the transaction to close in the second half of 2013, after all necessary approvals have been received
Following completion, Bertelsmann will own 53% and Pearson 47% of Penguin Random House. It will encompass all of Random House and Penguin Group’s publishing units in the U.S., Canada, the U.K., Australia, New Zealand, India and South Africa, as well as Penguin’s operations in China and Random House’s publishers in Spain and Latin America. Pearson and Bertelsmann believe that the combined organisation, the world’s leading consumer publishing company, will have a stronger platform and greater resources to invest in rich content, new digital publishing models and high-growth emerging markets.
For more information
Simon Mays-Smith/ Tom Glover: + 44 (0) 207 010 2310
Toby Jones: + 44 (0) 7977 191 686