Euromoney acquires Investing in African Mining Indaba for £45.3M

investing in miningEuromoney has acquired the Mining Investment Events Division of US-based Summit Professional Networks for £45.3 million, funded from Euromoney’s existing committed borrowing facilities.

The acquisition is expected to be earnings enhancing for the financial year to September 30, 2015, the first year the event will be run under Euromoney’s ownership.   However, due to the timing of the conference, the acquisition is expected to reduce Euromoney’s adjusted operating profits for the year to September 30, 2014 by approximately £1 million. The business achieved an adjusted EBITDA (before allocation of Summit central costs) of £6.2 million for the year to June 30, 2014, and the gross assets were £1.7 million at June 30, 2014, according to the division’s pro-forma management accounts. The transaction gives the group access to an extended international customer base of upstream and downstream commodity providers, traders, asset managers, alternative investors and African government ministries.

Euromoney logoThe principal asset being acquired is the leading investment forum and trade event for African mining, the Investing in African Mining Indaba. Set up 20 years ago, Mining Indaba is an annual professional conference dedicated to the investment in, and development of, mining interests in Africa. It is the world’s largest mining investment forum and Africa’s largest mining event.  It takes place every February in Cape Town, South Africa, and attracts over 7000 of the most internationally-diversified and influential professionals in African mining. Senior Vice-President and Managing Director, Jonathan Moore, will join Euromoney and run the business from Euromoney’s New York office.

Euromoney already has a strong presence in the commodities markets and with investors, in particular through its Metal Bulletin and Institutional Investor brands. The acquisition provides Euromoney with an excellent opportunity to expand its position in these markets. The overlap with Euromoney’s existing portfolio of online publishing activities and investment conferences will allow Euromoney to develop and grow Mining Indaba as well as position it to capitalise on an upturn in the $1.2 trillion global metals and mining sector.

UK, London & USA, New York & South Africa, Cape Town

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Euromoney Institutional Investor acquires Infrastructure Journal for £12.5M

Euromoney PLCEuromoney Institutional Investor plc, the international online information and events group, is expanding its project finance and infrastructure business with the acquisition of Infrastructure Journal.

Infrastructure Journal is an information source for the international infrastructure markets.  Its business model is centred on premium subscription content that tracks market activity and is delivered in real-time through its online platform which is accessible from desktops, tablets and smartphones.  Infrastructure Journal also runs a portfolio of events which includes conferences, forums and awards attended by senior investment professionals, industry practitioners and advisors.  The Infrastructure Journal Awards are held annually in London.

ij-logoEuromoney is acquiring 100% of the assets of Infrastructure Journal from Top Right Group (“TRG”) for a cash consideration of £12.5 million, funded from its existing committed borrowing facility.  The acquisition is expected to be earnings enhancing for Euromoney in its financial year 2014.  Infrastructure Journal had revenues of £3.1 million for the year to December 2012.  The transaction will complete after the required TUPE (Transfer of Undertakings Protection of Employment) consultation period, expected to conclude by November 1, 2013.

“Infrastructure Journal is a business we have long admired and we are delighted that it is now part of our stable of global brands,” said Richard Ensor, chairman of Euromoney.  “With an estimated 57 trillion dollars of investment into infrastructure projects required around the world by 2030, we believe this part of the business-to-business information sector offers attractive growth fundamentals.  Euromoney aims to create a comprehensive market-leading infrastructure information provider by combining, under the Infrastructure Journal brand, the deals database and news coverage of Infrastructure Journal and the deals analysis, awards and conferences of Project Finance.”

Duncan Painter, CEO of Top Right Group, said: “Infrastructure Journal is well respected in its sector and delivers valuable insight and expertise to its customers.  The skill of the team, investment in content and the launch of new topical forums each year have kept the brand ahead and we are delighted that the Infrastructure Journal name will continue in the marketplace. We believe Euromoney Institutional Investor will be a good long term home for the brand and we wish the business every success in the future.”

UK, London

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