VNU pays $24 million for Pagini Aurii

Dutch media group VNU took over Romanian directories company Pagini Aurii (Golden Pages) under one of this year’s biggest transactions on the Romanian market.

VNU has indirectly increased its interest in Pagini Aurii SA, from 28% to 84.2%, under a complex stock transfer worth 24 million dollars.

The Dutch group bought DSE-Directory Systems Europe, registered in the Netherlands, which owns 84.2% in Pagini Aurii.

The seller was Israel-based company Aurec Group, which held 66.6% in DSE. VNU Group already owned the remaining 33% in the directory’s capital. The other Pagini Aurii shareholders are telephony operator RomTelecom, with 10.7% and MediaPro, with 5.1%.

This is one of biggest media transactions in the last decade on the Romanian market, as the Pagini Aurii business is worth 42.8 million dollars.

Pagini Aurii last year posted turnover worth some 10 million dollars, up 10% since 2001, according to VNU spokesperson Kon van Zijl. The products published by VNU are distributed for free, as the company’s revenues come from advertising.

Pagini Aurii publishes 41 directories, with an annual circulation of over 2 million copies.

“We closed the deal because Pagini Aurii is a successful business and we trust the Romanian-based company,” Kon van Zijl told Ziarul Financiar. According to the VNU official, it is still too early to talk about the group’s plans for Pagini Aurii.

In his turn, Pagini Aurii general manager Shai Goldman said the transaction should not come as a surprise to anyone, as the cooperation with VNU started in 2002, when the Dutch group took over 28% in the company.

“This is a very good transaction, as VNU has worldwide presence and extensive experience, which can only benefit Pagini Aurii,” Goldman said.

“We are now drafting the plan for 2004-2006. We will probably launch new products or perhaps we will invent new products, tailored to the Romanian market,” he added.

According to Ed Pennix, CEO of VNU World Directories, “this transaction is consistent with our strategy and demonstrates VNU’s ongoing commitment to solidifying its market position in the worldwide directories businesses. Pagini Aurii is a solid growth company that fits well with the strategic framework of VNU.”

The transaction has been submitted for approval to the relevant Romanian authorities.

Pagini Aurii started out in 1998, in cooperation with DSE, Southwestern Bell Communications, MediaPro and RomTelecom. claudia.covaci@zf.ro