Hill+Knowlton Strategies acquires the assets of Ascentum Inc. in Canada

August 17, 2012 — Fusion DigiNet

WPP’s wholly-owned public relations and public affairs firm Hill+Knowlton Strategies Canada is acquiring substantially all the assets of Ascentum Inc. in Canada.

Founded in 2003, Ottawa-based Ascentum is a leading full-service consultancy that works with government, business and not-for-profit clients to facilitate and create dialogue with stakeholders via online, in-person and social media-based strategies and tools and bolsters H+K’s public engagement capabilities in Canada and globally. Terms of the deal were not disclosed.

UK, London & Canada, Ottawa

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The Carlyle Group and Getty Images Management to acquire Getty Images from Hellman & Friedman for $3.3Bn

August 15, 2012 — Fusion DigiNet

Global alternative asset manager The Carlyle Group and Getty Images management have formed a partnership to acquire Getty Images, Inc., a global creator and distributor of still imagery, video and multimedia products, from Hellman & Friedman for $3.3 billion. Carlyle will acquire a controlling stake in Getty Images, while Getty Images Co-Founder and Chairman Mark Getty and the Getty family will roll substantially all of their ownership interests into the transaction. Getty Images management, including Co-Founder and Chief Executive Officer Jonathan Klein, will also invest significant equity in the company.

“Getty Images consistently demonstrates growth, leadership and prominence as one of the world’s leading media companies. This partnership with The Carlyle Group reflects and bolsters our ongoing strategy, strong management team and the talent of our dedicated employees. We are delighted to collaborate with Carlyle, with its formidable pedigree and success, and take the business into its next phase of development and growth,” said Jonathan Klein, Co-Founder and Chief Executive Officer of Getty Images.

Mark Getty, Co-Founder and Chairman, added, “In seventeen years, we have built a business that has revolutionized the industry, with innovation at its core. I am confident that the partnership between Getty Images and The Carlyle Group will see the company’s success continue.”

Eliot Merrill, Managing Director of The Carlyle Group, said, “Getty Images is the premier, digital global marketplace for commercial visual content. We look forward to partnering with Mark Getty, Jonathan Klein and the talented Getty Images management team. We will harness Carlyle’s financial resources and global network to help take Getty Images to the next stage of product innovation and global growth.”

Carlyle Partners V, a $13.7 billion U.S. buyout fund, will provide equity financing for the investment. J.P. Morgan, Barclays, Credit Suisse, Goldman Sachs and RBC Capital Markets have provided committed debt financing for the transaction. The transaction is subject to customary regulatory approvals and is expected to close in 2012.

USA, Washington, DC & Seattle, WA

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Aegis Group plc acquires Data2Decisions Limited

August 3, 2012 — Fusion DigiNet

Aegis Group plc has acquired Data2Decisions Limited, a UK-based, independent marketing effectiveness analytics consultancy. D2D’s gross assets were £2.2 million as at 31 January 2012.

Since its establishment in 2001, D2D has grown to be one of the largest independent marketing effectiveness analytics consultancies in Europe. The business works with its clients to turn data into insight that informs marketing strategy. This includes assessment of pricing, promotions and the return on media investment. D2D’s technology solutions, which can sit on clients’ systems, enable actionable intelligence from the analytics to be used to optimise marketing decisions.

Nigel Morris, CEO, Aegis Media Americas & EMEA, said “Data is one of the key areas of competitive advantage in the convergent market. D2D has built an impressive, scaled business that complements and strengthens our existing data capabilities to drive even greater marketing insight and analysis.  We look forward to fully integrating D2D into our operating model to leverage their capability across all parts of our business for our clients.”

UK, London

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Sky acquires Parthenon Media Group

July 30, 2012 — Fusion DigiNet

Sky is to establish a new distribution arm to market the international rights to its originated content. As part of the move, Sky has completed the acquisition of Parthenon Media Group, a leading independent international distribution and multi-media rights management company.

The current Parthenon team, led by founder and CEO, Carl Hall, will lead the new function within Sky, reporting to Sophie Turner Laing, Sky’s MD of Entertainment, News and Broadcast Operations.

Sophie Turner Laing, comments: “As we continue to increase investment in UK production, this is a natural step in the evolution of Sky’s content business.  We are producing world class television – innovative, creatively ambitious and, in many cases, on an epic scale. It’s only right that we match this with world class aspirations for how we take this content to as wide an international audience as possible.”

“We are delighted to be moving into distribution with Carl and the team at Parthenon.  I’m confident that together we will be able to create a model that delivers great opportunities for our independent production partners as well as Sky.  This is a tremendously exciting time, both for us and those who are making great TV with us.”

UK, London

 

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Pearson – first 6 months results

July 30, 2012 — Fusion DigiNet

Pearson has announced its first half year results

Highlights

Sales up 6% to £2.6bn

  • Strong growth in Education (up 9%) and the FT Group (up 7%)
  • Penguin sales 4% lower on phasing of publishing schedule and continued industry change

First-half operating profit lower at £188m (2011: £208m)

  • Education profits up 6% on growth in North America (up 30%) and International (up 17%)
  • Professional profits £17m lower. New funding criteria for 16-18 year old apprenticeships result in sharp decline in volumes; UK training business reshaped
  • Sale of FTSE International reduces first-half operating profit by £10m; excluding FTSE, FT Group profits level in spite of increased restructuring charge
  • Penguin profits lower at £22m (H1 2011: £42m) on drop-through from lower first-half sales; stronger publishing schedule in H2

Rapid growth in digital and services businesses and developing markets

  • Sales up approximately 20% in developing markets (headline growth)
  • Education digital platform registrations up 30%; FT digital subscriptions up 31% and now exceed print circulation; Penguin ebook revenues up 33% and now almost 20% of Penguin’s revenues
  • Revenues from digital and services to exceed traditional publishing businesses in 2012

Outlook

  • Pearson sees good trading momentum in North America, International and the FT Group offsetting weakness in Professional Education and Penguin
  • Pearson reiterates full year outlook of growth in sales and operating profits at constant exchange rates, with margins reflecting acquisition integration costs and the FTSE sale.

Interim dividend raised by 7% to 15p per share.

Marjorie Scardino, chief executive, said: “We began 2012 planning for a challenging external environment and our caution was well-placed: conditions have been tough in the early part of this year and, for a couple of parts of Pearson, tougher than expected. But that’s precisely when our planning for structural change and our investments in growth markets show their power. We’ve kept up the pace of transformation, and continued our shift towards digital and services businesses, which this year for the first time will yield the majority of Pearson’s revenues. That strategy will enable us to deliver on our long-term goals of expanding our market opportunity, delivering consistently strong financial performance and helping all kinds of students in all kinds of places to learn.”

Read the full report here

UK, London

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UBM – results for the six months ended 30 June 2012

July 30, 2012 — Fusion DigiNet

UBM plc has reported results for the six months ended 30 June 2012

Highlights

  • Revenues up 7.3% to £508.7m – underlying revenue growth of 6.8%
  • Adjusted operating profit up 12.5% to £103.4m
  • Fully diluted adjusted EPS up 13.9% to 28.6p
  • Cash generation from operating activities up to £113.9m (112% conversion)
  • Events operating profit up 29.6% to £74.8m, 66.5% of group total (excluding corporate costs)
  • Forward bookings for top 20 events up 12.7%
  • Emerging Markets revenues up 20.9% to £93.1m, representing 18.3% of total
  • Seven acquisitions completed in H1 for expected consideration of £26.6m
  • Initiated strategic review of Data Services businesses

David Levin, UBM’s Chief Executive Officer, commented, “We have had a good first half of the year with underlying revenue growth of 6.8% and margins up almost a percentage point to 20.3%. Our strategy is
yielding positive results as we continue to improve the quality of the business. We have decided to explore strategic options for the Data Services businesses to confirm we are allocating capital appropriately between the growing number of opportunities now available to us.

Our events portfolio performed very well with good attendee-led technology events in the US, an above-plan performance at Ecobuild in its first edition under UBM ownership, and strong results from our events in Emerging Markets, particularly in China. PR Newswire generated GDP-plus revenue growth and improved its margins while also launching new products. Data Services results reflect specific challenges in two verticals but overall the business made good progress. Marketing Services – Online grew well, led by our community-focused products, while the Print component declined more rapidly than anticipated.

We remain on track to meet our expectations for the full year. We now expect improved underlying growth for Events of 12%-14%. PR Newswire remains on track. We maintain full year guidance for Data Services where we expect an improved performance notably from UBM TechInsights in the second half. However, we now expect Marketing Services – Online and Print to deliver growth of between 0%-2%. While our business is trending positively, we are retaining our consolidated guidance as we are mindful of the uncertain external environment.”

Read the full announcement here http://www.londonstockexchange.com/exchange/news/market-news/market-news-detail.html?announcementId=11279128

UK, London

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Reed Elsevier – results for the six months to 30 June 2012

July 30, 2012 — Fusion DigiNet

Reed Elsevier, the global professional information company, has reported revenue, profit and earnings growth in the six months to 30 June 2012.

Financial and Operational Highlights 

Underlying revenue growth across all five business areas: Underlying revenue growth +5% (+3% excluding biennial event cycling) after adjusting for acquisitions and disposals and currency translation. Total reported revenues grew +5% to £3,053m or +12% to €3,725m.

Underlying adjusted operating profit growth across all five business areas: Underlying adjusted operating profit growth +7% after adjusting for acquisitions, disposals and currency translation. Total adjusted operating profit grew +9% to £845m or +16% to €1,031m; +8% at constant currencies. Margins increased by 1.1 percentage points to 27.7%, driven by improvements in all five business areas.

Stable interest and tax: Interest charge slightly lower at £107m/€131m; adjusted effective tax rate increased by 0.4 percentage points to 23.7%.

Adjusted EPS growth: Reed Elsevier PLC +11% to 24.7p; Reed Elsevier NV +18% to €0.47; +10% at constant currencies. Reported EPS after amortisation of acquired intangible assets and acquisition related costs +52% to 24.0p for Reed Elsevier PLC and +57% to €0.47 for Reed Elsevier NV including disposal gains.

Interim dividend: Reed Elsevier PLC +6% to 6.00p; Reed Elsevier NV +18% to €0.130. The difference in dividend growth rates reflects movement in euro/sterling exchange rates since last year’s interim dividend announcement date.

Balance sheet & cash flow: Net debt of £3.3bn/€4.1bn at 30 June 2012, 2.3 times adjusted 12 month trailing EBITDA on a pension and lease adjusted basis (1.7 times on an unadjusted basis). Adjusted operating cash flow conversion rate of 92%. Capital expenditure represented 5% of revenue (6% expected for full year).

Organic investment in transforming core business: Continued investment in digital platforms and products across Reed Elsevier. Range of insurance data services extended along carrier workflow. Positive customer reaction to Lexis Advance releases. Launch of online clinical reference tool ClinicalKey, and roll out of Nova platform across exhibitions globally.

Organic build out of new products into adjacent markets and geographies: 15 new exhibitions launched, the majority in high growth markets; XpertHR launched in US market; insurance data services introduced in UK; new legal practical guidance products released internationally.

Acquisitions: Buyout of leading Brazilian exhibitions joint venture completed; other acquisitions of small high growth exhibitions and paid content and data businesses.

Divestments: Process accelerated in H1. Disposals of Totaljobs, MarketCast, and other small publishing and services assets completed. Planned disposals of Variety and RBI Australia announced.  We expect completed and planned disposals to be mildly dilutive to EPS in the short term. However, we intend to use gross divestment proceeds to buy back shares this year, mitigating this impact. In H1 gross cash proceeds from disposals were £158m/€193m.

 

Elsevier (41% of adjusted operating profit)

  • ·     Underlying revenue growth +2%; unit volume and usage growth in research, particularly in emerging markets, and strong revenue growth in databases and tools driving +5% revenue growth in Science & Technology. Health Sciences flat, with double digit growth in electronic revenues offset by declines in print books and pharma promotion
  • ·     Double digit growth in article submissions and usage across science and health; successful launch of ClinicalKey
  • ·     Underlying operating profit +4%; reflecting ongoing process efficiencies
  • ·     FY 2012 outlook: H1 trends continuing into H2 generating modest underlying growth

LexisNexis Risk Solutions (22% of adjusted operating profit)

  • Underlying revenue growth +5%; Insurance +7% driven by product extensions across carrier workflow; good growth in Business Services. Modest growth in Screening; moderating declines in Government
  • New product rollouts across Insurance and Business Services continuing
  • Underlying operating profit +5%; reported margin expansion reflects disposal of low margin business
  • FY 2012 outlook: Continued good growth in Insurance and Business Services supported by new products; Government remains mixed

LexisNexis Legal & Professional (12% of adjusted operating profit)

  • Underlying revenue growth +1%; continued good growth in new sales and usage of legal research in law firms and corporate customers and in international online; moderated by print and marketing services declines
  • Lexis Advance releases progressing well
  • Underlying operating profit +2%; process efficiencies more than offset continued development costs
  • FY 2012 outlook: Customer markets remain subdued, limiting upside to revenue growth and further margin expansion

Reed Exhibitions (18% of adjusted operating profit)

  • Underlying revenue growth +23% (+12% ex cycling); H1 revenues benefited from timing of annual shows adding around 4 percentage points to growth, and strong growth in emerging markets
  • Investment in higher growth markets through new launches and small selective acquisitions
  • Underlying operating profits +30%; margin improvement partially reflecting positive impact of show timing in H1
  • FY 2012 outlook: Continued strong underlying revenue growth (excluding cycling), albeit moderated from H1 double digit rate as annual show timing unwinds

Reed Business Information (7% of adjusted operating profit)

  • Underlying revenue growth +1%; continued good growth in data services and marketing solutions, leading brands broadly stable, declines in other magazines & services
  • Integration of CBI China, Accuity and Ascend on track. Totaljobs, MarketCast, and other small disposals completed; further disposals announced
  • Underlying operating profits +10%; record margin of 18% reflects process efficiency and portfolio changes
  • FY 2012 outlook: Good growth in data services, stable leading brands, continued weakness in other magazines & services

UK, London

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CG acquires Technology leader in Smart Grid Automation – ZIV Group

July 30, 2012 — Fusion DigiNet

Crompton Greaves Ltd (CG) has acquired 100% of ZIV for an Enterprise Value equivalent to €150 million. ZIV is a provider of digital equipment for Grid Automation and Advanced Metering Infrastructure (AMI). ZIV operates in more than 50 countries, with major operations located in Brazil (Rio de Janeiro), India (Bangalore), Spain (Madrid, Barcelona, Bilbao) and the USA (Chicago). ZIV, created in 1993, has installed more than 1.4 million IEDs for Utilities and Industries across the world.

CG is a leader in electrical transmission and distribution equipment with significant market share in the Americas, Europe, the Middle East, India and South East Asia. In previous years, CG has been expanding its activities into the systems arena, providing integrated solutions for utilities and industries. ZIV will complement CG’s offering for Grid Automation, further enhancing its differentiated offering in its core businesses.

In addition, the ZIV smart grid platform will be the basis for rapid expansion across Europe, India and the Americas.  ZIV  has  delivered  one  of  the largest  and cost-effective smart grid projects in Europe, with over 500000 connection points, providing integrated solutions, from smart metering, through two-way communication infrastructure to innovative distribution automation.

Mr Norberto Santiago Elustondo, CEO of ZIV, commented: “We feel very confident about the next phase of our relationship with CG as we know very well our colleagues as a result of the Joint Venture in India. This development will be a catalyst to grow the ZIV activities in new parts of the World Market. By this fusion with CG, together we will get the most from ZIV’s innovative technology”.

Commenting on the acquisition, Mr. Laurent Demortier, CEO & Managing Director of CG said: “We are very happy to welcome all ZIV employees into the CG family. We have been working with ZIV for some time and are impressed by not only the technology and track record in the development of Smart Grid Solutions but also by the creativity and dynamism of the entire staff. This acquisition opens a new chapter in the development of the CG Group. With the exciting growth in the Smart Grid around the World, CG is now well positioned to effectively compete in this fast growing segment.”

India, Mumbai
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The McGraw-Hill Companies reports record 2nd quarter

July 30, 2012 — Fusion DigiNet

The McGraw-Hill Companies has reported revenue of $1,547 million in the second quarter, a decrease of 1% compared to the same period last year, as a result of a 5% increase at McGraw-Hill Financial and a 12% decline at McGraw-Hill Education. Net income from continuing operations increased 2% to $216 million and diluted earnings per share increased 11% to $0.76.

Excluding the impact of one-time costs related to the Growth and Value Plan, adjusted net income from continuing operations increased 15% to $243 million and adjusted diluted earnings per share increased 25% to a second quarter record of $0.85. This increase, similar to the first quarter, was primarily due to strong growth at Commodities & Commercial and S&P Capital IQ / S&P Indices.

“We are pleased by the continuing progress of our Growth and Value Plan in establishing two powerful companies, McGraw-Hill Financial and McGraw-Hill Education, by the end of the year,” said Harold McGraw III, chairman, president, and chief executive officer of The McGraw-Hill Companies. “Our employees are to be applauded for delivering stellar results while simultaneously advancing the separation and implementing major cost reductions. We are delivering record adjusted earnings despite the challenging global macro-economic environment, including both the impact of the European debt crisis on global debt issuance and reduced state budgets on textbook spending.”

“We now expect to be near the high end of our previous 2012 adjusted diluted earnings per share guidance of $3.25 to $3.35,” said Mr. McGraw. “We will revisit our guidance again after we report the third quarter, traditionally the largest of the year.

McGraw-Hill Financial: Businesses that make up what will be the new McGraw-Hill Financial reported revenue of $1,073 million and adjusted operating profit of $394 million, an increase of 5% and 9%, respectively, compared to the same period a year ago. McGraw-Hill Financial will include the following lines of business:

– Standard & Poor’s Ratings Services: Revenue increased 1% to $483 million and operating profit decreased 2% to $208 million in the second quarter compared to 2Q 2011—the strongest quarter of 2011 for this segment. Operating profit margins in the quarter were 43%.

– S&P Capital IQ / S&P Indices:  Revenue increased 10% to $366 million and adjusted operating profit increased 17% to $115 million.

Credit Market Analysis Limited (CMA) was acquired from the CME Group at the end of the second quarter. The business will become part of S&P Capital IQ — broadening its existing pricing and data businesses and bolstering its asset-class coverage of OTC securities.

– Commodities & Commercial:  Revenue increased 9% to $241 million and operating profit grew by 45% to $71 million in the second quarter, compared to the same period last year.

Platts continued its record performance resulting in 19% revenue growth at Commodities to $121 million for the period. Excluding the acquisition of Steel Business Briefing Group, which was not included in second quarter 2011 results, Commodities’ revenue grew 15% to $117 million.

Commercial’s revenue was down 1% as gains by J.D. Power and Associates, which is on track to record its best year ever, were offset by modest declines at McGraw-Hill Construction and Aviation Week.

McGraw-Hill Education:  Revenue for the segment declined 12% to $474 million while operating profit improved by 36% to $57 million in the second quarter, compared to the same period last year. The improvement in operating income was primarily the result of restructuring actions and ongoing tight expense management.

– Higher Education, Professional and International Group (HPI):  Revenue decreased 2% to $241 million in the second quarter compared to the same period last year.

– School Education Group (SEG):  Revenue decreased 20% to $233 million for the quarter.

Read the full announcement here

USA, New York, NY

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Tarsus Group – results for the six months ended 30 June 2012

July 26, 2012 — Fusion DigiNet

Tarsus Group plc, the business-to-business media group, has announced its results for the six months ended 30 June 2012.

Financial highlights

  • Like-for-like revenue up 14% on 2011 as adjusted for biennials
  • Interim dividend up 5% to 2.2p (2011: 2.1p)
  • Net debt £19.6 million (2011: £17.3 million)
  • Forward bookings currently stand at 80% of anticipated full year revenues (2011: 74%)
  • Heads of terms agreed for new five year £45m bank facility

 M&A News

  • Life Media (Turkey) acquisition completed in March 2012
  • Acquisition of GZ Auto (China) expected to complete in the next few months

Douglas Emslie, Group Managing Director, said, “Our significant progress in the first half has been driven by excellent performances in the US from our Medical and Off Price products and in the Emerging Markets by very strong growth in the Turkish and Chinese businesses. Turkey is now a key component in our portfolio as a result of our acquisitions of Life Media and IFO.

Our position in China will be significantly enhanced with the addition of GZ Auto, the leading automotive aftermarket show. With our 2012 forward bookings currently standing at 80% and the strong performance in the first half, we have increased the interim dividend by 5%.

We are increasingly confident that our quality portfolio addressing high growth sectors and markets in transition together with our focus on driving visitors and growing exhibition volumes will quicken the pace of our future earnings and dividend growth”.

UK, London

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