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BEVERAGE and publishing conglomerate Fraser & Neave (F&N) plans to buy the Singapore and Malaysian distribution arms of international book publisher Penguin Random House for for S$8 million.
The consideration is subject to certain post-completion adjustments for cash, debt and working capital, and will be payable in cash from internal resources, F&N said after the market closed.
Penguin Random House Ltd, which is incorporated in the United Kingdom, carries out sales and distribution in Singapore and Malaysia through Penguin Random House Pte Ltd and Penguin Random House Sdn Bhd.
Upon the sale, each of those units will enter into an exclusive distribution agreement with Penguin Books, The Random House Group, Dorling Kindersley and Penguin Random House LLC for their English book titles and for products containing the publishers' brands in Singapore and Malaysia.
Penguin Singapore currently has a net asset value of S$6.99 million, while Penguin Malaysia has a net asset value of S$2.96 million.