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Commission File Number
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IRS Employer Identification Number
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Address of principal executive offices
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Zip Code
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Registrant’s telephone number, including area code:
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(
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Title of each class
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Trading Symbol
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Name of each exchange on which registered
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•
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Purchase price: Wiley
has acquired open access publisher, Hindawi Limited, for $298 million in cash.
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Revenue: Hindawi
was projected to generate revenue of approximately $40 million in its fiscal year ending December 31, 2020, with year-over-year growth of about 50%.
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Revenue synergies: Wiley
anticipates achieving significant revenue synergies from the expansion of its open access journal portfolio and its beneficial impact on article cascade, added publishing capacity, and upsell opportunities for publishing and platform
services.
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Profitability: Hindawi’s
EBITDA margin was projected to be about 45% in its fiscal year ending December 31, 2020.
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Cash Flow and EPS
accretion: Hindawi is expected to be accretive to free cash flow immediately and accretive to adjusted EPS in Wiley’s fiscal year 2023.
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Balance Sheet: Acquisition
was funded with a combination of cash on hand and borrowings from Wiley’s existing revolving credit facility. Wiley’s strong balance sheet and cash flow will continue to support future growth initiatives and attractive returns of capital
to shareholders.
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Resumption of share
repurchase program: Wiley will resume its share repurchase program. Repurchases had been suspended in March 2020 due to COVID-related market
disruption and economic uncertainty.
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JOHN WILEY & SONS, INC.
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Registrant
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By
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/s/ Brian A. Napack
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Brian A. Napack
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President and Chief Executive Officer
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By
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/s/ John A. Kritzmacher
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John A. Kritzmacher
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Executive Vice President and Chief Financial Officer
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Dated: January 5, 2021
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