Euromoney Institutional Investor PLC, the international online information and events group, is selling its energy publishing businesses, Gulf Publishing Company in Houston and the Petroleum Economist in London, to a consortium led by Gulf’s CEO, John Royall and media investor Russell Denson, for a cash consideration of $18 million. Euromoney has owned Petroleum Economist since 1989 and Gulf since 2001. The transaction is expected to close on April 30, 2016.
Commenting on the announcement, Euromoney CEO Andrew Rashbass, said: “In line with our strategy, we are selling these businesses because they are not core for us. We believe the new owners, with their base in Houston, Texas, are better positioned to develop these businesses. John Royall has been a valued and respected colleague at Euromoney. I have no doubt he will continue to show outstanding leadership of these businesses under their new ownership.”
John Royall said: “Euromoney has been a great home to these businesses. We and our partners look forward to building an independent and innovative media company that will take advantage of opportunities in the global energy industry.”
UK, London & USA, Houston, TX
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