Euromoney Institutional Investor PLC, the international online information and events group has acquired a 75% stake in the Centre for Investor Education (CIE).
Based in Melbourne, Australia, CIE was founded in 1997 and is a provider of investment forums for senior 
executives of superannuation funds and global asset management firms. Principal events include the Chief Investment Officers Symposium and the Major Market Players Symposium, both held annually in Australia, as well as the International Investing Symposium which was held in Tokyo earlier this month. CIE was acquired in 2010 from its founder, Melda Donnelly, by Erling Sorensen and Jamie Nemtsas who have expanded its portfolio of events and will remain shareholders in CIE until December 2015.
The acquisition is expected to be earnings enhancing for Euromoney in financial year 2013. Euromoney has paid an initial A$14.4 million (£9.9 million) cash consideration for a 75% interest in CIE, to be adjusted up or down dependent on CIE’s results for the year to December 2013. Euromoney will acquire the remaining 25% of CIE’s equity in two instalments based on CIE’s profits for the years to December 2014 and 2015. The acquisition will be funded from Euromoney’s existing committed borrowing facility. CIE recorded an unaudited pre-tax profit of A$1.5million (£1.0 million) on revenues of A$4.3 million (£2.9 million) for the year to December 2012.
“We are delighted to acquire CIE,” said Richard Ensor, Chairman of Euromoney. “Euromoney expects to benefit from the rapid growth of Australia’s asset management industry. This acquisition of the high-quality CIE business gives us the opportunity to consolidate further our position in this premium segment of the events market. We look forward to working with Erling Sorensen and Jamie Nemtsas to develop CIE further.”
UK, London & Australia, Melbourne
Related articles
- Euromoney Institutional Investor to acquire HSBC’s Quantitative Techniques operation Posted on April 4, 2013
- Euromoney Institutional Investor acquires Insider Publishing Posted on March 19, 2013
- Euromoney Institutional Investor PLC interim management statement for 4 months to January 30, 2013 February 4, 2013
- Euromoney Institutional Investor PLC acquires Californian conference business TTI/Vanguard January 7, 2013
- Euromoney Institutional Investor Plc announces annual results Posted on November 15, 2012
- Euromoney Institutional Investor PLC – pre-close trading update Posted on September 25, 2012
- Euromoney Institutional Investor PLC – Interim Management Statement for the period from April 1 to July 24, 2012. Posted on July 26, 2012
- Euromoney Institutional Investor – trading update – half year profits of not less than £47M Posted on April 17, 2012
- A Fusion Deal: International grain trading conferences, Global Grain Geneva and Global Grain Asia, sold to Euromoney Institutional Investor Posted on February 29, 2012
- Euromoney Institutional Investor to acquire Ned Davis Research Group for £69M Posted on June 21, 2011
- Euromoney Institutional Investor PLC acquires Arete Consulting Posted on August 13, 2010
- Euromoney sells EIC to Broadfern September 2007
Fusion Corporate Partners 
You must be logged in to post a comment.