Media group Roularta to delist as Brussels stock exchange struggles to attract new listings

The De Nolf family, founders and majority owners of Roularta Media Group, has launched a takeover bid to delist the company from the Brussels Stock Exchange, marking the latest in a series of exits from Euronext Brussels. The move highlights the ongoing difficulties for the exchange, which has seen a decline in new listings over the past decade.
The De Nolf family, which already controls 72.3% of Roularta, is offering €15.50 per share, a 24.5% premium to the last closing price. If successful, the deal would end Roularta's 27-year presence on the stock market. The takeover, valued at €215 million, is backed by West Investment Holding, owned by the Claeys family, which holds 3.75% of the shares. Roularta itself owns 11.57% of the shares, leaving only 12.4% in public hands.
Key player in Belgian media
Founded in 1954, Roularta is best known for publishing magazines such as Knack, Trends and Flair, and is co-owner of Mediafin, publisher of the financial newspaper De Tijd. The group also operates Kanaal Z/Canal Z and has a presence in the Netherlands. Despite a 1% decline in revenues to €320.3m in 2024, Roularta's profitability improved, with EBITDA rising to €27.1m and net profit up 158% to €6.1m.
Brussels stock exchange struggles
Roularta's delisting reflects a wider trend of Flemish family-owned companies withdrawing from Euronext Brussels. Many companies that went public in the late 1990s have since returned to private ownership, including brewer Duvel Moortgat, VPK Packaging and PET solutions specialist Resilux.
There have also been few new initial public offerings (IPOs) - private companies offering their shares to the public for the first time on a stock exchange - in recent years. Excluding corporate spin-offs, the last major listings were Azelis in September 2021 and Onward Medical in October 2021. However, renewable energy company EnergyVision is expected to float soon, raising hopes of renewed investor interest in the Brussels market.
#FlandersNewsService | Illustration shows the editorial and printing floors of the international multimedia group Roularta © BELGA PHOTO KURT DESPLENTER
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