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Egmont acquires Orkla’s shareholding in Hjemmet Mortensen

The Egmont media group acquires Orkla's 40% stake in the magazine publisher Hjemmet Mortensen for NOK 950 million. The share purchase makes Egmont sole owner of Hjemmet Mortensen.

Hjemmet Mortensen was established in 1992 following the merger of two prominent Norwegian magazine publishers, Egmont’s AS Hjemmet and Orkla’s Ernst G. Mortensens Forlag AS. Hjemmet Mortensen has flourished under the Egmont-Orkla partnership and is today Norway’s largest magazine publisher.

Kjeld Lucas, Executive Vice President of Egmont Magazines, says: “The acquisition of the remaining 40% shareholding in Hjemmet Mortensen bolsters Egmont’s position in the Nordic magazine market. Hjemmet Mortensen is an exciting and dynamic company whose highly skilled employees have generated impressive results. The new ownership structure offers interesting opportunities for collaboration across Egmont’s range of activities, both in the Nordic region and beyond.

Egmont’s President and CEO, Steffen Kragh, comments: “We are pleased to have acquired the remaining 40% stake in Hjemmet Mortensen. Magazine publishing is one of Egmont’s core businesses.”

With more than 800 employees, Hjemmet Mortensen publishes magazines and runs online and printing operations in Norway as well as magazine and online publishing activities in Sweden and Finland. In 2007, Hjemmet Mortensen generated revenue of NOK 1.7 billion.

The share purchase is subject to the final approval of the relevant competition authorities.

Egmont, founded in 1878, is one of Scandinavia’s leading media groups. We create and tell stories ranging from offline to online media, from entertainment to education, from intellectual to popular culture. Egmont encompasses weeklies, magazines, comics, books, films, TV programs, movie-theater operations, tv-stations, interactive games, game consoles and music. Egmont publishes media in more than 30 countries, and 8,000 dedicated Egmont employees reached revenues of EUR 1.49 billion in 2007.