Euromoney acquires European investment industry survey Extel

EuromoneyEuromoney Institutional Investor PLC, the international business information and events group, has acquired 100% of the business and assets of Extel from WeConvene. Extel will be integrated into Euromoney’s Institutional Investor Research business which is well known for its sell-side analyst and corporate IR performance research and rankings, and strengthens further Institutional Investor’s asset management offering. The terms of the transaction were not disclosed.

Extel runs the annual independent survey of quality across the European equities investment community. The Extel Survey began in 1974 and in 2017 over 15,500 investment professionals cast 1.1 million votes across the investment industry, providing a huge dataset to help clients analyse and drive their market understanding.

The acquisition of Extel fits within Euromoney’s strategy of investing in its main themes, specifically asset management. Extel is deeply embedded in the equities investment community and its complementary data sets and highly valued analytics and insights will support the transition of Institutional Investor to a next generation 3.0 business model.

Will Rowlands-Rees, MD of Institutional Investor Research, said: “Although a small business, Extel has a strong reputation in the European market, and is highly complementary to our existing Institutional Investor Research offerings. By integrating these businesses, we will create a unique bulge bracket through domestic broker view of research product evaluation in the European market at a time of tremendous market change driven by MiFID II. I look forward to leveraging our shared expertise and knowledge, and partners in the investment community to build a stronger and broader set of capabilities across our portfolio of products to help with these challenges.”

UK, London

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NYSE Euronext to be sold to IntercontinentalExchange

ICENYSE Euronext has agreed to be bought by IntercontinentalExchange (ICE), an operator of Internet based marketplaces. The acquisition will add to ICE’s current operation of energy and commodity contracts, and derivatives markets worldwide. In the deal, ICE is to pay $33.12 per share; a premium of 38% of its pre-announcement share price, with two thirds of this being paid in stock and one third in cash. NYSE Euronext shareholders will hold 36% of the stock in the new company after it closes. The deal is expected to close in the second half of 2013.

NYSE Euronext is the operator of many securities exchanges (most notably the New York Stock Exchange) and is currently headquartered in Lower Manhattan, New York City. The firm itself was formed in 2007 from a merger of NYSE Group and Euronext, following a merger of NYSE and Archipelago Holdings in the year prior. The firm’s share price has increased by 31% since the announcement.

ICE Chairman and CEO Jeffrey Sprecher will maintain his role in the new company, whilst NYSE Euronext chairman and CEO Duncan Niederauer will become president of the company.

The press release for the transaction states that “As a result of the transaction, ICE clearing will be more capital efficient and provide operational efficiencies for clearing members” and that “ICE is committed to preserving the NYSE Euronext brand.” The transaction is expected to be achieve earnings accretion of over 15%.

View the press release here.

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