Latest Postimees Grupp News
Mar 3, 2022
Tallinn, ESTONIA In accordance with the contract AS Ekspress Grupp and AS Postimees Grupp entered into with AS Eesti Post on 2 March 2022, AS Eesti Post operating under the trademark of Omniva will acquire a 100% ownership interest in AS Express Post. The purpose of the transaction is to find a more sustainable operating model for the home delivery of newspapers and magazines. The exit from the postal business is in line with the long-term strategy of Ekspress Grupp and continuous growth of the share of digital media. AS Express Post is a joint venture established in 1997 that is engaged in the home delivery of periodicals as well as advertising and business letters in the largest cities in Estonia and in their vicinity. Additionally, Express Post offers a call centre service and a management service for the subscriber bases of periodicals. The company employs almost 490 people, 450 of whom are engaged in daily newspaper deliveries. In accordance with unaudited data, the revenue of Express Post totalled EUR 5.2 million and the loss totalled EUR 566 300 in 2021. The ownership interest of Ekspress Grupp in Express Post was 50%. The parties have agreed that the terms of the transaction will be confidential. Prior to entry into force, the purchase and sale transaction needs to be approved by the Competition Board that has up to five months to form an opinion on it. The transaction shall not be deemed to be of substantial importance in accordance with section Requirements for Issuers of the rules and regulations of the NASDAQ Tallinn Stock Exchange. As of 31 December 2021, the value of the investment reported in the Group’s balance sheet was EUR 0 (31 December 2020: EUR 0). AS Ekspress Grupp confirms that the members of the Group’s Management Board and Supervisory Board are not personally interested in the transaction. Mari-Liis Rüütsalu
Postimees Grupp Frequently Asked Questions (FAQ)
Where is Postimees Grupp's headquarters?
Postimees Grupp's headquarters is located at Maakri 23a, Tallinn.
What is Postimees Grupp's latest funding round?
Postimees Grupp's latest funding round is Project Finance.
Who are the investors of Postimees Grupp?
Investors of Postimees Grupp include Google Digital News Initiative.
Who are Postimees Grupp's competitors?
Competitors of Postimees Grupp include Telekom Austria and 4 more.
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