Merger update: Australian Competition and Consumer Commission clears Penguin Random House combination
March 08, 2013
Pearson and Bertelsmann today announce that they have been notified by the Australian Competition and Consumer Commission that it does not intend to intervene in the proposed merger of Penguin and Random House.
The two companies announced their agreement to combine Penguin and Random House in October 2012. The proposed merger was cleared by the US Department of Justice on 14 February 2013 and is currently under review by the European Commission, the Canadian Competition Bureau and various other antitrust authorities around the world. 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/ Charles Goldsmith: + 44 207 010 2310
Rebecca Sinclair: + 44 207 010 4279