The deal is subject to EU approval and should be finalised by the end of November. Polestar and Grupo Prisa will each have a 40% stake in the as yet unnamed venture. The final 20% will be held by venture capitalist Ibersuizas. The financial terms were not disclosed.
This is a very good move for us, said Polestar chief executive Barry Hibbert.
Polestars Spanish operations include gravure sites Heliocolor and Hispnica, web offset at Altamira and pre-press business Grficas Integradas. Grupo Prisas Prisaprint division includes book printers Mateu Cromo, Macrolibros and Mateu Lber, Mateu Press (brochures, magazines and newspapers) and newspaper printers Bidasoa, Norprensa and Distasa.
The combined print operations of the two companies will employ around 1,500 staff and have sales of more than 140m (e200m).
Hibbert said there were a number of reasons behind the deal. The Spanish market hasnt been fantastic and this solidifies our position and gives greater contractual fill. In web offset, for example, we were spending on capex and they were too. We have to match capacity with demand and its out of kilter at the moment. I predict there will be more deals like this, he added.
Polestar chief operating officer Chris Pavlosky will become chairman of the new joint operation. This is a fantastic deal for Polestar, securing our future development in Europe and moving us into a new era of printing in books and newspapers, he said.
Story by Jo Francis
