Wiley to acquire Blackwell Publishing (Holdings) Ltd.

John Wiley & Sons, Inc. (NYSE:JWa) (NYSE:JWb) announced today that it has entered into a definitive agreement to acquire the outstanding shares of Blackwell Publishing (Holdings) Ltd., one of the world's foremost academic and professional publishers. The purchase price of 572 million will be financed with a combination of debt and cash. The transaction will be implemented through a U.K. Scheme of Arrangement. Wiley has received irrevocable commitments from the principal shareholders of Blackwell Publishing to sell their shares to Wiley. The companies anticipate that the transaction will close early in 2007.

Based in Oxford, Blackwell Publishing's revenue in 2005 was approximately 210 million, or $380 million, which is about the same as Wiley's global Scientific, Technical and Medical (STM) business. Blackwell's publishing programs include journals, books and online content in the sciences, technology, medicine, the social sciences and humanities. Blackwell Ltd., the book library service and retailing business, is a separate entity and is not part of the acquisition.

"The combination of Blackwell Publishing and Wiley, two of the world's most respected global publishers, is a rare opportunity with highly favorable, long-term strategic implications," said William J. Pesce, Wiley's President & Chief Executive Officer. "We look forward, with genuine enthusiasm, to collaborating with our new colleagues at Blackwell Publishing. Together, we will deliver even greater value than we could as separate entities to all stakeholders - our customers, authors, society partners and shareholders. The combined business will publish approximately 1,250 scholarly peer-reviewed journals and an extensive collection of books with global appeal. This deep reservoir of must-have content will be delivered to customers in print and electronically, advancing our goal of providing more access to more content to more people than ever before in the history of th

Contact: Susan Spilka
John Wiley & Sons, Inc.

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