IL SOLE 24 ORE S.p.A.: final agreement signed with vwd group for the financial information business
Milan, 4 July 2011 – On 1 July, Il Sole 24 ORE S.p.A. signed the final agreement for the disposal of the real-time financial information business (Finance Business Unit) with the vwd group, a leading provider of financial-market information in German-speaking countries, listed on Frankfurt's Deutsche Börse.
The real-time financial information business for the 24 ORE Group currently generates about €15 million in revenues, with more than 750 clients, including Italy's leading banks.
In an initial step, the vwd group will act as an outsourcing partner and provide various technological services, and will acquire the necessary business resources, making a payment of €2 million and, if certain conditions are met, an additional €1 million in April 2012.
In a second phase, the clients of Il Sole 24 Ore S.p.A. will be given the opportunity to join the vwd group’s product world. Should business run smoothly in 2011 and 2012, the vwd group will make an additional payment (earn-out) of up to a maximum of €4 million.
For further information:
Press Office 24 ORE Group: Ginevra Cozzi - Tel. 02/3022.4945 – Mob. 335/1350144 - PMS: Fabio Marando – Tel. 02/48000250 - Mob. 329/4605000