Tiger Media to acquire Interactive Data, LLC

December 15, 2014 — Fusion DigiNet

Tiger MediaTiger Media, a Shanghai-based media company, is to acquire The Best One, Inc., parent company of U.S.-based data solutions provider Interactive Data, LLC. Interactive Data is headquartered in Atlanta, GA and has its primary technology office in Seattle, WA.

id-logo1Interactive Data’s recently expanded management team has been executing on an aggressive growth plan in a multi-billion dollar market of risk management and marketing data solutions.

Commenting on the Acquisition, Robert Fried, Chairman of Tiger Media stated, “We are excited to acquire TBO. We were looking for a U.S. partner who would also be able to expand our China operations. We believe this Acquisition with TBO will give our shareholders an excellent opportunity to realize increased value on their investment.”

Under the terms of the merger agreement, current shareholders of Tiger Media and TBO will own approximately 34% and 66% of the combined company, respectively, following the Acquisition. Approximately 65% of the shares to be issued to TBO shareholders in the Acquisition will be non-voting preferred stock, and 30% of those shares will only be issued upon achievement of certain revenue targets. The Acquisition is expected to close in the first quarter of 2015, is subject to customary conditions to closing as detailed in the merger agreement, as well as the affirmative vote of a majority of the outstanding shares of Tiger Media entitled to vote.

In connection with the Acquisition, Tiger Media will be redomesticating as a Delaware company. The affirmative vote of 2/3 of the votes cast at the Tiger Media meeting will be required for domestication in Delaware. The structure of the transaction will be in the form of an acquisition with TBO merging into a wholly-owned subsidiary of Tiger Media, with the Tiger Media subsidiary as the surviving corporation that will now be headquartered in Atlanta, GA.

Following the Acquisition, Derek Dubner, CEO of TBO, will join Tiger Media as Co-CEO along with Peter Tan, current CEO of Tiger Media. Robert Fried will remain Chairman of the Board. Also, following the Acquisition, Derek Dubner and Daniel MacLachlan will join the Tiger Media Board, increasing the Tiger Media Board from five members to seven members.

Cassel Salpeter is acting as financial advisor and Akerman LLP is acting as legal counsel to Tiger Media. Nason Yeager is acting as legal counsel to TBO.

Shanghai & USA, Atlanta, GA

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Hearst Corporation to increase equity interest in Fitch Group to 80 percent 

December 12, 2014 — Fusion DigiNet

Hearst CorpHearst Corporation is to purchase an additional 30 percent interest in global ratings agency Fitch Group from Fimalac S.A., bringing Hearst’s equity interest to 80 percent. Fimalac will retain a 20 percent equity interest in Fitch Group. The transaction is valued at $1.965 billion.

FitchRatingsHearst acquired its original interest in Fitch Group in March 2006 and had most recently held 50 percent of the company. The transaction is expected to close in the first quarter of 2015 following receipt of all necessary regulatory approvals.

“We believe the credit rating, financial information and risk management services Fitch provides to the global financial community are critical in today’s economy,” said Steven R. Swartz, president and CEO of Hearst Corporation. “Strategically, Hearst continues to diversify into data and information-based companies while growing its world-class media assets. We are excited to continue to work with Fimalac and Marc Ladreit de Lacharrière to make Fitch Group an even bigger success.”

“Since the beginning of our relationship with Fitch, it has seemed to me that the company fits perfectly into the profile of businesses in which Hearst should seek to expand,” said Frank A. Bennack, Jr., former Hearst CEO and current executive vice chairman of Hearst Corporation. “The record of advances in the business over that period shows that excellent management is in place, our partners at Fimalac are aligned with us in strategy for the future and the diversification from our highly-valued traditional portfolio is proving to be rewarding. Stepping up from 50 percent to 80 percent makes great sense and we’re all excited.”

USA, New York

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Moody’s completes acquisition of remaining stake in Copal Amba

December 12, 2014 — Fusion DigiNet

moodysMoody’s Corporation has completed its acquisition of the remaining shares of Copal Amba and now owns 100% of the company. Moody’s announced on September 30 that it had agreed to acquire the remaining minority stake in Copal Amba.

Copal Amba“We are continuing to expand Copal Amba’s capacity and capabilities to meet the strong demand for high-quality outsourced financial research and analytics,” said Linda S. Huber, Executive Vice President and Chief Financial Officer of Moody’s. “Moody’s is committed to building on Copal Amba’s extensive expertise to advance our global efficiency while continuing to grow Moody’s overall business.”

Copal Amba’s offshore research and analytics services support a wide range of clients, from global financial institutions and Fortune 100 corporations to boutique investment banks and asset managers. It was formed through Moody’s acquisitions of Copal Partners in 2011 and Amba Investment Services in 2013. Copal Amba operates seven service delivery centers and has approximately 2,500 staff worldwide.

The acquisition of the remaining shares in Copal Amba is not expected to have an impact on Moody’s earnings per share (EPS) in 2014 and is expected to be approximately $0.04 to $0.05 accretive to Moody’s EPS in 2015. Moody’s funded the acquisition from international cash on hand. The terms of the transaction were not disclosed.

USA, New York, NY

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Euromoney to acquire a strategic shareholding in Dealogic: Sells Capital DATA and Capital NET

November 5, 2014 — Fusion DigiNet

dealogic_logoEuromoney Institutional Investor PLC, the international online information and events group, is acquiring a 15.5% equity stake in a company (“New Dealogic”) incorporated by The Carlyle Group to acquire Dealogic Holdings plc alongside Carlyle and Dealogic’s founders. Dealogic’s long-serving CEO Tom Fleming will continue in his leadership role.

Dealogic is a data platform primarily used by global and regional investment banks worldwide to help optimise performance and improve competitiveness. Dealogic provides data and analytics, market intelligence and capital markets software solutions to investment banks to help them manage their workflows, assist with deal origination and execution, and optimise productivity across their equity capital markets, fixed income, investment banking and research, sales and trading businesses.

Euromoney is acquiring 15.5% of the equity of New Dealogic for $59.2 million. For the year to December 31, 2013, Dealogic achieved adjusted earnings before interest, depreciation and amortisation of $66.7 million on $152.3 million of revenues, and at that date had gross assets of $127.7 million. As part of the transaction, Euromoney will be entitled to a seat on the New Dealogic board and to 20% of the voting rights in respect of New Dealogic’s equity; it will be able to influence the strategic decision making of New Dealogic through a comprehensive set of minority rights. Carlyle will be the controlling shareholder in New Dealogic. The transaction will be structured as a leveraged buyout by New Dealogic.In addition, Euromoney will have the ability to invest pari passu with Carlyle in any acquisitions that New Dealogic may pursue over the coming years.

Euromoney’s investment will be funded through the sale of its interests in two businesses, Capital DATA and Capital NET, which Dealogic and Euromoney have jointly operated since the 1980s. The transaction values Euromoney’s participation in these two businesses at $85 million. In addition to the $59.2 million of ordinary shares in New Dealogic, Euromoney will receive $4.6 million in cash on completion and a further $21.2 million of zero-coupon preference shares issued by New Dealogic and redeemable within 13 months from completion. As part of the agreement, Euromoney will continue to receive and use (on a perpetual royalty-free basis) the league tables and data analytics products underpinning its GlobalCapital business. New Dealogic and Euromoney will explore further strategic and commercial opportunities, including sharing of content management systems and joint product development for specific customer groups.

For the year to September 30, 2013, Euromoney’s subscription revenues and adjusted operating profits included licence fees of £5.4 million from its investment in Capital DATA. For the same period, Euromoney recognised a profit after tax of £0.3m from its 48.4% equity interest in Capital NET. For the year to September 30, 2015, the transaction as a whole is expected to dilute Euromoney’s after tax earnings by approximately 2%. The transaction is subject to regulatory approval and expected to complete by the end of December 2014.

Under the terms of the transaction, Euromoney has agreed to cap the consideration it may receive on a possible future sale of its investment in Dealogic at 24.9% of its market capitalisation at the close of business immediately prior to this announcement.

“The financial technology and data analytics sectors are enjoying healthy growth rates. Dealogic is a market leader in this space. It has robust workflow solutions and a highly respected brand. As testament to these strengths, Dealogic has achieved strong revenue growth during the past three years despite the challenging markets the global investment banks have faced,” said Richard Ensor, chairman of Euromoney. “Our relationship with Dealogic and its founders goes back to the 1980s. We are pleased to cement this important partnership under a new corporate structure. Carlyle is one of the largest and most respected private equity managers worldwide. We believe that by combining our expertise, market access and resources the shareholders of Dealogic will be able to achieve substantial value creation over the coming years.”

UK, London

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Moody’s to Acquire Full Ownership of Copal Amba

September 30, 2014 — Fusion DigiNet

moodysMoody’s Corporation is to acquire the remaining outstanding shares of Copal Amba. Moody’s is currently a majority owner of Copal Amba, which was formed through the acquisitions of Copal Partners in 2011 and Amba Investment Services in 2013.

Copal AmbaCopal Amba, a leader in the market for Knowledge Process Outsourcing (KPO), provides offshore research, analytics and business intelligence services to the financial and corporate sectors. Its clients range from global financial institutions and Fortune 100 corporations to boutique investment banks and asset managers.

“Copal Amba has had strong momentum since its formation and has expanded its penetration into the growing market for outsourced financial research, analytics and business intelligence services,” said Linda S. Huber, Executive Vice President and Chief Financial Officer of Moody’s.

The acquisition of the remaining shares is not expected to have an impact on Moody’s earnings per share in 2014 and will be funded from international cash on hand. The terms of the transaction, which is expected to be finalised in Q4 2014, were not disclosed.

USA, New York, NY

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Asset International acquires Corporate Insights

September 17, 2014 — Fusion DigiNet

asset internationalAsset International has acquired Corporate Insights. The terms of the deal were not disclosed.

Based in Vancouver, Corporate Insights is a market research firm focused on the Canadian financial services industry. Corporate Insights works with wealth management and retail banking organizations on issues related to strategic decision-making, business growth initiatives, sales force management and competitive benchmarking.

Corporate Insights will operate as a division of Asset International’s Investor Economics, a business acquired by Asset International in 2013.

USA, New York & Canada, Vancouver

 

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IHS acquires PCI Acrylonitrile, a U.K.-based chemical market advisory service

September 2, 2014 — Fusion DigiNet

ihs_logo_mpIHS Inc. has acquired PCI Acrylonitrile, a provider of chemical market insight and consulting services for the global acrylonitrile and derivatives industry.

Based in the U.K., PCI Acrylonitrile publishes the Acrylonitrile Market Report, a monthly report focused on the global acrylonitrile industry and its derivatives. Led by Simon Garmston, founder of PCI Acrylonitrile, the company also provides annual market analysis as well as consulting services and hosts a key industry event focused on the acrylonitrile sector.

“The acquisition of PCI Acrylonitrile is a tremendous addition to our industry-leading chemical market advisory service covering the fibers and plastics businesses,” said Scott Key, IHS president and CEO. “The acrylonitrile analysis, combined with our IHS Chemical olefin, propylene market and special reports coverage, as well as the upstream market coverage we deliver at IHS, will provide unparalleled integrated analysis that is essential to our customers. We are excited to welcome Simon Garmston, who is recognized globally for his expertise in this highly specialized, but strategically important and growing chemical market.”

Acrylonitrile is an essential component for the production of fibers and polyacrylonitrile (PAN), a versatile, high-strength polymer (plastic) resin used to produce a variety of products in both civilian and military applications. PAN fibers are used to manufacture clothing and other ‘acrylic-based’ products. Additionally, PAN is used to produce high-quality carbon fibers, which are essential to high-tech communications infrastructure and production of aircraft, filtration systems, missiles, industrial and technology components, as well as numerous consumer goods.

USA, Englewood, CO & UK, London

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Millward Brown acquires research firm InsightExpress in the US

August 26, 2014 — Fusion DigiNet

WPP’s wholly-owned operating company, Millward Brown, has acquired InsightExpress, a provider of media analytics and marketing accountability solutions in the United States. InsightExpress will be combined with Millward Brown Digital, the company’s US-based digital unit.

InsightExpress’ unaudited revenues for the period ended 31 December 2013 were US$26.4 million with gross assets of US$8.8 million as of the same date. The company has over 200 clients including NBCUniversal, Google, Netflix, Hulu and Microsoft. Founded in 1999, the company is based in Stamford, CT, with offices in New York, Chicago and San Francisco and employs 100 people.

UK, London & USA, Stamford, CT

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UBM results for the six months ended 30 June 2014

August 1, 2014 — Fusion DigiNet

Highlights

  • Reported revenue of £361.0m (H1 2013: £391.8m), down 7.9%; broadly flat at constant currency (0.3%), with underlying growth of 2.0%
  • Adjusted operating profit up 8.7% to £87.4m (H1 2013: £80.4m), margins up by 3.7%pts, driven largely by non-recurring gains of £11.0m
  • Events underlying revenue growth of 4.8%(2), led by Emerging Markets with operating margins up 0.4%pts to 28.8% (H1 2013: 28.4%)
  • Other Marketing Services adjusted operating profit up to £4.4m (H1 2013: £3.6m) on reduced revenue of £48.5m (H1 2013: £66.4m)
  • PR Newswire revenue up 2.6% (underlying) at £98.3m (H1 2013: £105.0m) at an operating margin of 22.8% (H1 2013: 22.4%)
  • Adjusted diluted EPS up 12.1% to 24.0p (H1 2013: 21.4p)
  • Interim dividend of 6.8p (H1 2013: 6.7p) up 1.5%, in line with policy
  • Net Debt up at £452.1m (2013: £443.4m); Net Debt/EBITDA steady at 2.2x (2013: 2.2x)

Tim Cobbold, Chief Executive Officer, commented:

“UBM has had a solid first half and remains on track to meet expectations for the full year. Although the reported performance was adversely impacted by currency headwinds, the Group performed well with good underlying revenue growth in both the Events and PR Newswire businesses and with higher operating margins in each of the three businesses.”

During my first three months as UBM’s CEO I completed the first stage of my review of the business. We will host a Capital Markets Day late in the year to present the plan for UBM’s future development.”

Read the full announcement here.

UK, London

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Progressive Digital Media Group acquires CurrentAnalysis

July 8, 2014 — Fusion DigiNet

progressiveProgressive Digital Media Group Plc has acquired CurrentAnalysis Inc., for a gross consideration of US $19.6 million in cash payable on completion. Completion, which is subject to the approval of CurrentAnalysis shareholders, is expected to occur within 30 days and will be funded from the Group’s existing cash resources.

currentanalysis-s2CurrentAnalysis provides subscription based business intelligence services to the ICT industry. The company has offices in Washington D.C, London and Singapore. For the financial year ended 31 December 2013, CurrentAnalysis reported revenues of approximately $13 million, with net liabilities of approximately $2.3 million.

It is expected that the acquisition will be earnings accretive within the first twelve months post acquisition, though the impact on the Group results to 31 December 2014 are expected to be broadly neutral.

Commenting on the acquisition Simon Pyper, Chief Executive of Progressive Digital Media, said: “The acquisition of CurrentAnalysis satisfies all of our acquisition criteria, providing subscription based business information services to blue chip companies operating in a global sector. Additionally, CurrentAnalysis augments our existing platform and significantly increases our footprint in the key North American market.”

UK, London & USA, Washington, DC

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