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Disposal

Released 07:00 22-Nov-2017

RNS Number : 1974X
Euromoney Institutional InvestorPLC
22 November 2017
 

 

 

EUROMONEY INSTITUTIONAL INVESTOR PLC

ANNOUNCEMENT OF DISPOSAL

November 22, 2017

 

Euromoney enters agreement to sell its minority stake in Dealogic

 

Euromoney Institutional Investor PLC ("Euromoney"), the international business information and events group, announces today that it has reached a binding agreement to sell its minority equity stake in Dealogic, a provider of content and software solutions to financial firms, to Ion Investment Group for approximately $135m. The consideration will be received in cash.

 

Completion of the sale is subject to regulatory approvals and is expected to take approximately six weeks.

 

Euromoney has been associated with the Dealogic businesses for over 30 years and acquired its stake in Dealogic in December 2014. Euromoney will continue to receive from Dealogic the league tables and data analytics products used in its Global Capital business.

 

Euromoney's results for the year ended 30 September 2017 included £3.9m in adjusted profit before tax from Dealogic. The gross assets of Dealogic at 30 September 2017 were £551.6m.

 

The sale proceeds will initially be used to pay down debt and over time will provide Euromoney with capital to invest in its main investment themes.

 

Andrew Rashbass, CEO of Euromoney said: "This transaction is in line with Euromoney's strategy, one pillar of which is actively managing its portfolio of assets and selling businesses which do not align with its strategy and recycling that capital to invest in our main investment themes like price discovery, post trade activities, asset management and telecoms."

 

 

Ends

 

 

For further information, please contact:

 

Euromoney Institutional Investor PLC

Colin Jones, Finance Director:                                   +44 20 7779 8666; cjones@euromoneyplc.com

Christopher Fordham, Managing Director:           +44 20 7779 8057; cfordham@euromoneyplc.com 

Corporate Development

 

FTI Consulting

Charles Palmer:                                                               +44 20 3727 1400; euromoney@fticonsulting.com

 

 

 

NOTE TO EDITORS

 

Euromoney Institutional Investor PLC is listed on the London Stock Exchange and is a member of the FTSE 250 share index. It is an international business-information group covering asset management, price discovery, data & market intelligence, and banking & finance under brands including Euromoney, Institutional Investor, BCA Research, Ned Davis Research and Metal Bulletin. The group also runs an extensive portfolio of events for the telecoms, financial and commodities markets.

www.euromoneyplc.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Disposal - RNS