Euromoney Institutional Investor PLC is to sell its Global Markets Intelligence Division, consisting of CEIC and EMIS, to a consortium of CITIC Capital Partners Management Limited, the private equity arm of CITIC Capital Holdings Limited, and Caixin Global Limited, for an equity value of $180.5 million. The proceeds, net of transaction costs and tax, are expected to be approximately $145 million. They will be paid in cash on completion.
For the year ended 30 September 2017, GMID reported an operating profit of £11.9 million ($15.1 million). GMID’s gross assets at 30 September 2017 were £45.3 million. The sale is expected to complete by the end of April 2018.
Headquartered in Hong Kong, GMID is a leading provider of macro-economic, company and industry intelligence on emerging markets with a strong customer presence in China, India, Brazil and Central and Eastern Europe, as well as in developed markets.
Andrew Rashbass, CEO of Euromoney, said: “This transaction is another example of Euromoney’s strategy in action: where a good business is not strategic, we will sell it and recycle capital towards our main investment themes like price discovery, asset management and telecoms. CITIC Capital and Caixin will provide an excellent home for the business, which Aloisio Parente and the whole team have done a fantastic job developing as part of Euromoney. I am confident that the business will thrive under its new owners.”
Yichen Zhang, Chairman and CEO of CITIC Capital, said: “We are very excited to make this investment in CEIC and EMIS, which are world-class platforms for macro-economic and business information. Together with Caixin, we look forward to working with the management team to continue growing the business and developing its global customer base.”
As previously reported, last November Citic teamed up with the Asia arm of Baring Private Equity to purchase the Wall Street English educational unit from Pearson Plc for $300 million.
Shuli Hu, Publisher of Caixin Media, Chairwoman of Caixin Global, said: “We are optimistic about GMID’s business and future. Caixin will further leverage the rising global influence of China’s economy, and combine state-of-the-art technology with its authoritative information service and data offerings. We will join forces together with GMID to provide indispensable data and insight for overseas and domestic financial industry professionals and stakeholders.”
UK, London & Hong Kong
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- Euromoney Institutional Investor completes acquisition of HSBC’s Quantitative Techniques operation Posted on October 2, 2013
- Euromoney revenues for the fourth quarter increase by 9% Posted on September 24, 2013
- Euromoney Institutional Investor – interim management statement to July 24, 2013 Posted on July 26, 2013
- Euromoney Institutional Investor – 6 months results to March 2013 Posted on May 16, 2013
- Euromoney Institutional Investor acquires a majority stake in the Centre for Investor Education in Australia Posted on April 19, 2013
- Euromoney Institutional Investor to acquire HSBC’s Quantitative Techniques operation Posted on April 4, 2013
- Euromoney Institutional Investor acquires Insider Publishing Posted on March 19, 2013
- Euromoney Institutional Investor PLC interim management statement for 4 months to January 30, 2013 February 4, 2013
- Euromoney Institutional Investor PLC acquires Californian conference business TTI/Vanguard January 7, 2013
- Euromoney Institutional Investor Plc announces annual results Posted on November 15, 2012
- Euromoney Institutional Investor PLC – pre-close trading update Posted on September 25, 2012
- Euromoney Institutional Investor PLC – Interim Management Statement for the period from April 1 to July 24, 2012. Posted on July 26, 2012
- Euromoney Institutional Investor – trading update – half year profits of not less than £47M Posted on April 17, 2012
- A Fusion Deal: International grain trading conferences, Global Grain Geneva and Global Grain Asia, sold to Euromoney Institutional Investor Posted on February 29, 2012
- Euromoney Institutional Investor to acquire Ned Davis Research Group for £69M Posted on June 21, 2011
- Euromoney Institutional Investor PLC acquires Arete Consulting Posted on August 13, 2010
- Euromoney sells EIC to Broadfern September 2007
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