German market research firm buys British group
15 April 2005, NUREMBERG - German market research company GfK announced on Friday it is buying the British research group NOP World for EUR 550 million.
15 April 2005
NUREMBERG - German market research company GfK announced on Friday it is buying the British research group NOP World for EUR 550 million.
GfK said the purchase, subject to the approval of regulatory authorities, will be financed through lines of credit. GfK might also tap into its own existing authorised capital.
NOP World, a subsidiary of the British media group United Business, reported turnover of USD 416 million (EUR 322 million) in 2004 and an operating profit of USD 46 million (EUR 36 million). It is chiefly active in the United States, Britain and Italy.
GfK said that with the acquisition, its annual revenues, now at some EUR 670 million, will top the EUR 1 billion level. GfK would then stand to become the world's fifth-largest market research group.
The Nuremberg-based company said that the transaction would strengthen its position in such areas as media, automotive and healthcare research and custom research.
GfK said it expected regulators to approve the purchase by the end of May.
"With the acquisition of NOP World, we are significantly expanding our global position," said GfK chief executive Klaus L. Wuebbenhorst,. "We look forward to welcoming the highly-qualified NOP World staff to the worldwide GfK network."
Subject: German news