Wolters Kluwer's Health Division has entered into an agreement to acquire 100% of Learner's Digest International, LLC, for $150 million in cash.
Learner's Digest is a leading provider of independent continuing medical education (CME) to physicians in the US. Operationally, the company will become part of Wolters Kluwer Health Learning, Research & Practice (LR&P), and will bring a range of offerings that are complementary to LR&P's existing strengths in quality medical, nursing and other healthcare information solutions.
The company offers a mobile medical education platform via an advanced audio app and robust media player. The Learner's Digest platform greatly simplifies the traditional CME process, enabling physicians to conveniently access educational content and to efficiently manage and complete their certification and professional development requirements.
Learner's Digest had revenues of $39 million in 2014, and has seen robust growth in recent years. Approximately 80 percent of revenues are subscription or membership-based and over 90 percent of revenues are from digital and services offerings. The acquisition is expected to deliver a return above Wolters Kluwer's after tax cost of capital (8%) within 3 to 5 years, and is expected to enhance earnings slightly in its first full year after closing. The transaction is subject to customary closing conditions, including the receipt of required regulatory approvals.
Together, following closing, Wolters Kluwer and Learner's Digest will combine their strengths to provide comprehensive lifelong learning solutions that enable clinicians to easily manage complex CME requirements and to stay current with the latest research and standards of clinical care so that they are in a position to improve the quality of care they deliver to their patients.
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