AUSTRALIAN TRADE NEWS
PMP obtains Scribo for $21m

PMP Limited (PMP) has entered into an agreement to acquire 100% of book distribution company, The Scribo Group Pty Limited via Gordon and Gotch Australia Pty Limited. PMP said it would pay an initial consideration of $21 million in cash for the company.
PMP said further consideration may be payable in 2011 under an earn-out arrangement linked to the performance of the business.
The company added that the acquisition was expected to be EPS-accretive before significant items in 2009.
"The acquisition expands Gordon and Gotch Australia's distribution offering from magazines to books," the company said.
PMP CEO Brian Evans said that the transaction followed the $80 million acquisition of Times Printers Australia and represented a natural and logical extension for GGA into book distribution services.

The Scribo Group is Australasia's largest independent book distributor and was formed in February 2008 by the merger of four leading Australian book distribution companies. Scribo distributes over 40,000 titles, including a number of best sellers such as 4 Ingredients, Rich Dad Poor Dad, Underbelly: The Gangland War and last year's winner of the Miles Franklin Award, Carpentaria