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Readly Readly enters into agreement to acquire Toutabo , the owner of ePresse , establishing a leading position in France Press release 5 October 2021 Insider information : Readly International AB ( publ ) ( " Readly " ) , the European category leader within digital magazine subscriptions , has entered into an agreement to acquire 97.3 % of the issued shares in Toutabo SA ( " Toutabo " , " the Acquisition " ) , a leading subscription provider in France and owner of the digital subscription provider ePresse , from the founders and the institutional owners ( the " Sellers " ) . The total purchase price amounts to up to approximately EUR 8.2 million on a cash and debt free basis ( subject to any post signing adjustments ) , with an initial consideration of approximately EUR 3.9 million being paid in connection with closing of the Acquisition and an earn out consideration of up to approximately EUR 4.3 million to be paid before the end of January 2024 subject to certain targets being met . The purchase price will be paid by way of a combination of cash and newly issued Readly shares . Background and rationale France is the largest magazine market in Europe and including newspapers it is estimated to be valued at around USD 7.2 billion in 2021 , with a digital penetration of approximately 30 per cent¹ . Through the Acquisition , Readly adds a best - in - class French content portfolio of more than 1,000 magazines and 300 newspapers from around 280 publishers . The Acquisition will strengthen Readly's European category leadership , with a total offering of over 6,000 magazines and newspapers from over 1,000 publishers . The journey in France will benefit from the combination of Toutabo's leading position , local expertise and strong relationship with publishers and commercial partners , and Readly's tech resources , product development , global reach , and capabilities to create growth . The Acquisition marks the next step in Readly's growth journey and will over time support Readly's financial targets . - Entering the French market has been a strategic priority for some time . Through the acquisition we establish a leading position in France overnight with a local team , strong relationships with publishers and great commercial partners . With leading positions in the major European markets we are well positioned for continued growth and expansion . We are thrilled to offer our subscribers an unparalleled European content portfolio now also including best - in - class French titles . The whole team is eager to provide publishers with global reach , increased revenue and a gold mine of insights , as well as partnering up with other companies to bring quality journalism closer to consumers digitally , says Maria Hedengren , CEO at Readly . Toutabo's leading content portfolio includes global magazines such as Cosmopolitan , GQ and Vogue , as well as popular national brands such as Paris Match and Society . Furthermore , the portfolio includes highly regarded newspapers such as Les Echos , Le Journal du Dimanche , and Libération . The portfolio also includes international titles such as the international edition of The New York Times . The portfolio will enable Readly to attract French speaking consumers in existing markets across the world and empower French publishers to further monetise their content and increase their digital footprint . ¹ PwC Global Entertainment & Media outlook 2021-2025 .