Wirtualna Polska S A : WP invests in Legimi

WP Media S.A. has acquired a minority stake in Legimi S.A., a leader on the Polish e-book market. It paid PLN 5.3 million for a 12.5% stake in the company. Wirtualna Polska intends to acquire a larger stake on the same terms, while remaining a minority shareholder.

WP is the largest independent online media publisher in Poland. For several years now, it has also been rapidly expanding its subscription services through Pilot WP, Open FM platforms and Audioteka, which it acquired last year. The company has just completed the acquisition of shares in Legimi S.A. from individual investors, at a price of PLN 27.50 per share. The acquired shares represent 12.5 percent of Legimi S.A.'s share capital.

"At this stage, we view this transaction solely as a financial investment. Wirtualna Polska intends to acquire an additional stake in the company on the same terms - up to about 40% of the share capital - so we have invited all Legimi shareholders to submit their share sale offers. We would not have decided to make this investment if we did not have a high opinion of both the potential of Legimi and the commitment of the founders to the management of the company," said Adam Rogaliński, VP Corporate Development at Wirtualna Polska Holding S.A.

WP's tender offer for Legimi shares has been published at https://holding.wp.pl/en/media/ogloszenia

Legimi S.A. has been present on the digital book market for more than a dozen years. The company cooperates with more than 900 publishers, which allows it to offer more than 450,000 titles to subscribers. At the end of 2022, 200,000 customers used the service. Legimi' revenues in 2022 amounted to over 62.5 million PLN and were almost 30% higher than in 2021.