Euromoney Institutional Investor PLC, the international online information and events group has acquired a 75% stake in the Centre for Investor Education (CIE).
Based in Melbourne, Australia, CIE was founded in 1997 and is a provider of investment forums for senior executives of superannuation funds and global asset management firms. Principal events include the Chief Investment Officers Symposium and the Major Market Players Symposium, both held annually in Australia, as well as the International Investing Symposium which was held in Tokyo earlier this month. CIE was acquired in 2010 from its founder, Melda Donnelly, by Erling Sorensen and Jamie Nemtsas who have expanded its portfolio of events and will remain shareholders in CIE until December 2015.
The acquisition is expected to be earnings enhancing for Euromoney in financial year 2013. Euromoney has paid an initial A$14.4 million (£9.9 million) cash consideration for a 75% interest in CIE, to be adjusted up or down dependent on CIE’s results for the year to December 2013. Euromoney will acquire the remaining 25% of CIE’s equity in two instalments based on CIE’s profits for the years to December 2014 and 2015. The acquisition will be funded from Euromoney’s existing committed borrowing facility. CIE recorded an unaudited pre-tax profit of A$1.5million (£1.0 million) on revenues of A$4.3 million (£2.9 million) for the year to December 2012.
“We are delighted to acquire CIE,” said Richard Ensor, Chairman of Euromoney. “Euromoney expects to benefit from the rapid growth of Australia’s asset management industry. This acquisition of the high-quality CIE business gives us the opportunity to consolidate further our position in this premium segment of the events market. We look forward to working with Erling Sorensen and Jamie Nemtsas to develop CIE further.”
UK, London & Australia, Melbourne
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