PRH has signed a conditional agreement to sell Penguin Singapore and Penguin Malaysia to Times Publishing, an Asia-Pacific media group owned by parent company Fraser and Neave.
The deal includes the proposed acquisition of Penguin Singapore and Penguin Malaysia, the local sales and distribution offices of UK-incorporated Penguin Random House, for an aggregate consideration of £4.58m ($8m Singapore dollars), according to The Edge Markets. It reports that Penguin Singapore and Penguin Malaysia will be appointed exclusive distributors in Singapore, Malaysia and Brunei for English books published by Penguin Books, The Random House Group, Dorling Kindersley and Penguin Random House and their subsidiaries, among other conditions.
A spokesperson for PRH UK told The Bookseller: “Penguin Random House has signed a conditional agreement with Times Publishing Limited, which is the first step towards a sale of Penguin Singapore and Malaysia to the company.
"Completion of the transaction will be subject to certain conditions being met. There will be no further comment until the deal is successfully completed.”