Glacier completes acquisition of Hollinger Canada (including MRO Magazine)
Vancouver, BC -- The board of directors of Glacier Ventures International Corp. (TSX:GVC) has acquired substantiall...
Vancouver, BC — The board of directors of Glacier Ventures International Corp. (TSX:GVC) has acquired substantially all of the remainder of the Canadian interests of Hollinger International Inc.
Glacier indirectly acquired Hollinger’s 87% interest in Hollinger Canadian Newspapers, Limited Partnership (HCNLP), the company that operates Business Information Group, the division that includes Machinery & Equipment MRO, Industrial Lubrication and www.mromagazine.com.
HCNLP was acquired for $117.0 million, or $0.737 per HCNLP unit, subject to adjustment in certain circumstances. Glacier also indirectly acquired Hollinger’s 100% interest in Eco Log Environmental Risk Information Services Ltd., KCN Capital News Company and certain real estate for $4.7 million.
Glacier also acquired an additional approximately 3% of the units of HCNLP for $0.737 per HCNLP unit or $4.4 million in the aggregate, subject to positive adjustment in certain circumstances.
HCNLP owns and operates
1) the Business Information Group (BIG), which publishes a variety of trade magazines, directories, newsletters, electronic databases and specialty websites;
2) a group of daily and weekly newspaper and related printing operations in British Columbia, including the Nelson Daily News, West Kootenay Weekender, Cranbrook Daily Townsman, Kimberley Daily Bulletin, East Kootenay Weekly Extra, East Kootenay Weekly Weekender, Trail Times, Fernie Free Press, Grand Forks Gazette, Grand Forks Boundary Bulletin, Creston Valley Advance, Kamloops Daily News, Kamloops The Extra, Prince George Citizen, Prince George This Week, Prince George Extra, Alaska Highway News, North Peace Express, The Northener, Peace River Block News, The Regional Advertiser, The Northern Horizon, The Mirror, Prince Rupert Daily News, and Prince Rupert Daily News Extra;
3) the Real Estate Weekly and Kodiak Press in Vancouver, B.C.; and
4) The Sherbrooke Record and Brome County News in the eastern townships of Quebec.
KCN publishes the Merritt News and Merritt News Extra in B.C. Eco Log is an electronic information and report service provider that accesses key federal, provincial and private sector databases to help identify potential environmental risks in Canada for real estate developers, banks, insurance companies and a variety of other customers.
The transactions complete Glacier’s acquisition of substantially all of Hollinger’s Canadian operations. As previously announced, effective January 1, 2006, Glacier acquired a 50% interest in the operations of the Great West Newspaper Group Ltd., which publishes a group of community newspapers and related publications in Alberta, and as at December 30, 2005, Glacier acquired a 50% interest in Fundata Canada Inc., which provides investment fund related electronic and print information and analytics to the Canadian and global investment community and a wide variety of Canadian newspapers and media.
The acquisition of the Hollinger Canada operations fits with Glacier’s strategy of growing through two core segments: 1) the business and professional information sector and 2) the newspaper and trade publication sector.
Glacier’s combined daily and community newspaper group now offers distribution of approximately 1,020,000 copies across B.C., Alberta, Saskatchewan and Manitoba, as well as the Quebec publications. Glacier’s trade publication group now consists of the largest agricultural publication group in Western Canada, the Business In Vancouver Media Group, and 73 trade magazines published by the Business Information Group.
Glacier’s business & professional information group now includes Specialty Technical Publishers which publishes regulatory & compliance information, CD Pharma Interactive Medical Productions which develops electronic interactive continuing medical education programs for doctors, and a variety of directories, specialty websites and electronic information published by the Business Information Group.