Stock Market News
Euromoney offloads Global Markets Intelligence Division in $180.5m deal
Business information and events group Euromoney Institutional Investor has reached a binding agreement to sell its Global Markets Intelligence Division (GMID), consisting of CEIC and EMIS, to a consortium of CITIC Capital Partners Management and Caixin Global, for an equity value of $180.5m.
The FTSE 250 firm said the sale was expected to complete by the end of April, to allow for a smooth transition of the business to the consortium.
It said the consideration would be received in cash on completion.
"This transaction is another example of Euromoney's strategy in action: where a good business is not strategic, we will sell it and recycle capital towards our main investment themes like price discovery, asset management and telecoms," said Euromoney CEO Andrew Rashbass.
"CITIC Capital and Caixin will provide an excellent home for the business, which Aloisio Parente and the whole team have done a fantastic job developing as part of Euromoney.
"I am confident that the business will thrive under its new owners."
Headquartered in Hong Kong, Euromoney described GMID as a "leading provider" of macro-economic, company and industry intelligence on emerging markets with a strong customer presence in China, India, Brazil and Central and Eastern Europe, as well as in developed markets.
For the year to 30 September 2017, GMID reported an operating profit of £11.9m, as disclosed in the notes to Euromoney's 2017 annual accounts.
GMID's gross assets at 30 September 2017 were £45.3m.
The sale proceeds, net of transaction costs and tax, were expected to be approximately $145m.
That would leave Euromoney in a net cash position at completion, and would provide Euromoney with further capital to recycle towards its main investment themes.
"I am tremendously excited about the opportunities that this transaction will afford to our business, customers and staff," said GMID CEO Aloisio Parente.
"Both CEIC and EMIS have traditionally had a strong presence in and understanding of the key developing markets.
"I am certain that the relationship with CITIC Capital and Caixin will help us to further enhance the value and reach of our services in all parts of the world."
Yichen Zhang, chairman and CEO of CITIC Capital, added that the company was "very excited" to make the investment in CEIC and EMIS.
"Together with Caixin, we look forward to working with the management team to continue growing the business and developing its global customer base."
Shuli Hu, publisher of Caixin Media and chairwoman of Caixin Global, said the company was "optimistic" about GMID's business and future.
"Caixin will further leverage the rising global influence of China's economy, and combine state-of-the-art technology with its authoritative information service and data offerings.
"We will join forces together with GMID to provide indispensable data and insight for overseas and domestic financial industry professionals and stakeholders."
The FTSE 250 firm said the sale was expected to complete by the end of April, to allow for a smooth transition of the business to the consortium.
It said the consideration would be received in cash on completion.
"This transaction is another example of Euromoney's strategy in action: where a good business is not strategic, we will sell it and recycle capital towards our main investment themes like price discovery, asset management and telecoms," said Euromoney CEO Andrew Rashbass.
"CITIC Capital and Caixin will provide an excellent home for the business, which Aloisio Parente and the whole team have done a fantastic job developing as part of Euromoney.
"I am confident that the business will thrive under its new owners."
Headquartered in Hong Kong, Euromoney described GMID as a "leading provider" of macro-economic, company and industry intelligence on emerging markets with a strong customer presence in China, India, Brazil and Central and Eastern Europe, as well as in developed markets.
For the year to 30 September 2017, GMID reported an operating profit of £11.9m, as disclosed in the notes to Euromoney's 2017 annual accounts.
GMID's gross assets at 30 September 2017 were £45.3m.
The sale proceeds, net of transaction costs and tax, were expected to be approximately $145m.
That would leave Euromoney in a net cash position at completion, and would provide Euromoney with further capital to recycle towards its main investment themes.
"I am tremendously excited about the opportunities that this transaction will afford to our business, customers and staff," said GMID CEO Aloisio Parente.
"Both CEIC and EMIS have traditionally had a strong presence in and understanding of the key developing markets.
"I am certain that the relationship with CITIC Capital and Caixin will help us to further enhance the value and reach of our services in all parts of the world."
Yichen Zhang, chairman and CEO of CITIC Capital, added that the company was "very excited" to make the investment in CEIC and EMIS.
"Together with Caixin, we look forward to working with the management team to continue growing the business and developing its global customer base."
Shuli Hu, publisher of Caixin Media and chairwoman of Caixin Global, said the company was "optimistic" about GMID's business and future.
"Caixin will further leverage the rising global influence of China's economy, and combine state-of-the-art technology with its authoritative information service and data offerings.
"We will join forces together with GMID to provide indispensable data and insight for overseas and domestic financial industry professionals and stakeholders."
Related share prices |
---|
Euromoney Institutional Investor (ERM) share price |
Stock News headlines are gathered from financial news sources around the web. Views and opinions on each item are from their respective authors and website. They are not opinions of LiveCharts.co.uk
Get a free widget for your website with our latest headlines.
You can now add our live prices and new headlines to your website.The news widget features quotes for Oil prices, spot Gold price and Indices plus a choice of news channel for healines.
Top Shares pages
- Share price quotes
- Share charts
- Share watch list
- Company Results Calendar
- Top Large UK Shares
- UK Market Sectors
- Stock market news
- Company news
- Share tips
- A-Z company search
More share features
POPULAR Share Prices
- Royal Mail share price
- Lloyds share price
- HSBC share price
- Barclays share price
- Prudential share price
- Santander share price
- NEXT share price
- Diageo share price
- BP share price
- Vodafone share price
- British Airways
- Centrica share price
- Tesco share price
- Taylor Wimpey Share Price
- National Grid
- GKP Share Price
- Marks and Spencer
- Rolls Royce
- Rio Tinto
- THG Share Price
- Aviva Share Price
- Boil Share price
- Easyjet Share Price
- Genedrive Share Price
- SSE Share Price
- IAG Share Price
- Boohoo share price
- HE1 share price
- AVCT share price
- BOOM share price