XLMedia acquires un-named Scandinavian website network

XLMediaJersey based XLMedia, a provider of digital performance marketing services, has acquired an un-named Scandinavian website network within the online gaming sector for $2.3 million in cash.

The company said that the network reviews a large number of online casino and poker websites, mainly in Denmark, generating “high value added content”.  The acquisition provides a geographic footprint to XLMedia’s existing Scandinavian presence and extending its reach into Denmark, a fully regulated market.

The acquisition follows two acquisitions of domains in the North American market during H1 2014, also aimed at extending into new territories and further establishing a presence in fully regulated markets.

The Group said it will continue to buy domains and websites as part of its ongoing growth strategy as well as continuing to evaluate an increased presence in fully regulated markets.

Commenting on the acquisition, CEO, Ory Weihs said, “Since our IPO in March this year, we have continued to make good progress with positioning XLMedia to capitalise on the significant growth opportunities in the online gaming sector. This acquisition represents a complementary fit for our business, strengthening our reach in Scandinavia and providing entry into Denmark, a fully regulated territory.”

UK, St Helier, Jersey

Yahoo acquires Aviate

Yahoo has acquired Aviate, a startup produces an app, which is still in beta, to organises the apps on the home screen of Android devices. Aviate is the first product from San Francisco-based startup ThumbsUp Labs. The terms of the deal were not disclosed.

The acquisition was announced by Yahoo CEO Marissa Mayer during her keynote speech at the 2014 International CES.

You can see Mayer’s keynote speech here.

Aviate

Talking about the acquisition, Mayer said, “It is no secret we are amidst a massive and continuing shift to mobile,” Mayer said onstage at one of the world’s largest tech events. “But the shift is not just about proliferation, it’s also about how much time we are spending on phones. Weather, mail, finance, news — mobile puts them in your pocket and makes them a daily habit. We acquired Aviate because we believe home screens should be smarter and more personalised.”

It is Yahoo’s first acquisition announcement of 2014. Yahoo acquired 28 startups in 2013.

USA, Sunnyvale, CA & Palo Alto, CA

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Euromoney Institutional Investor acquires Insider Publishing

Euromoney logoEuromoney Institutional Investor PLC is expanding its insurance and reinsurance business with the acquisition of Insider Publishing Limited.

Euromoney has paid an initial £16.8 million for Insider Publishing, funded from its existing committed borrowing facility.  It expects to make an additional deferred consideration payment in 2015 based on the growth in profits of Insurance Insider from 2012 to the average of the 2013 and 2014 calendar years.  Insider Publishing recorded an unaudited pre-tax profit of £2.1 million on revenues of £4.7 million for the year to December 2012.

Insider Publishing, set up by former Lloyd’s insurance underwriter Peter Hastie in 2000, is a leading information source for the Insurance insiderinternational insurance and reinsurance markets.  Its business model is centred on trusted, premium subscription content served through The Insurance Insider, the non-life insurance and reinsurance online news service, and a number of other specialist titles, all providing senior industry professionals and advisers with insight and intelligence on the London and international insurance and reinsurance markets.  Insider Publishing also runs a series of events including The Insurance Insider Honours awards dinner and the London One Hundredforum for senior executives of the London insurance market.

“We are delighted to acquire Insider Publishing,” said Richard Ensor, chairman of Euromoney. “Euromoney expects the international non-life insurance and reinsurance markets to remain major consumers of business information.  The acquisition gives Euromoney the opportunity to build critical mass in these markets and it will continue to run the two complementary brands, Reactions and The Insurance Insider, side by side.”

UK, London

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McGraw-Hill to Sell Education Business to Apollo for $2.5 Billion

McGraw-Hill  is to sell its McGraw-Hill Education business to Apollo Global Management for $2.5 billion.  Earlier reports suggested that McGraw-Hill had hoped to achieve a $3 billion sale.

McGraw-Hill announced a restructuring program in September 2011. After the sale of the education business McGraw-Hill will becoming a more focused financial services company and will change its name to McGraw-Hill Financial,

“After carefully considering all of the options for creating shareholder value, the McGraw-Hill Board of Directors concluded that this agreement generates the best value and certainty for our shareholders and will most favorably position the world-class assets of McGraw-Hill Education for long-term success,” said Harold McGraw III, Chairman, President and CEO of The McGraw-Hill Companies who will lead McGraw Hill Financial once the transaction is complete.  “We were able to secure an attractive outcome and create additional balance sheet flexibility for McGraw Hill Financial.”

The Company will use the estimated proceeds of approximately $1.9 billion, net of tax and closing adjustments, to “sustain its share repurchase program, to make selective tuck-in acquisitions that enhance McGraw Hill Financial’s portfolio of powerful brands, and to pay off any short-term borrowing obligations.”

McGraw-Hill received financial advice from Evercore Partners and Goldman, Sachs & Co., and legal advice from Wachtell, Lipton, Rosen & Katz and Clifford Chance.

Apollo received financial advice from Credit Suisse, UBS Investment Bank and BMO Financial Group.  The financing is provided by Credit Suisse, Morgan Stanley, Jefferies, UBS Investment Bank, Nomura and BMO.  Apollo received legal advice from Paul, Weiss, Rifkind, Wharton & Garrison LLP and Morgan, Lewis and Bockius LLP.

USA, New York, NY

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