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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Blackstone-led consortium agrees partnership with Thomson Reuters for financial & risk business


Thomson ReutersFollowing our earlier reporting on talks between Thomson Reuters and private equity firm Blackstone, the transaction has now been agreed on, with Thomson Reuters to sell a 55% majority stake in its F&R business to private equity funds managed by Blackstone. The transaction values the F&R business at approximately $20 billion. Thomson Reuters will receive approximately $17 billion in gross proceeds at closing (subject to purchase price adjustments) funded by $14 billion of debt and preferred equity to be incurred by the partnership and a $3 billion cash equity contribution by Blackstone. Thomson Reuters will retain a 45% interest in the F&R business. Thomson Reuters will also maintain full ownership of its Legal, Tax & Accounting and the Reuters News businesses. Canada Pension Plan Investment Board (CPPIB) and GIC will invest alongside Blackstone for the transaction.

The F&R business provides a broad range of offerings to financial market professionals. Its global content sets include fundamentals, estimates and primary and secondary research. F&R also provides customers with tools, platforms, venues and services to enable fast, intelligent decision-making. The businesses that will comprise the new F&R partnership had 2017 revenues of approximately $6 billion.

At the closing of the proposed transaction, F&R and Reuters News will sign a 30-year agreement for Reuters to supply news and editorial content to the new partnership. Under the agreement, F&R will pay Reuters a minimum of $325 million annually. For the duration of the news contract, Thomson Reuters will grant F&R a license to permit F&R to brand its information feeds and products/services with the “Reuters” mark, subject to applicable limitations and restrictions set forth in a trademark license agreement.

Jim Smith, president and chief executive officer of Thomson Reuters, said, “This deal strengthens F&R and should accelerate its growth and benefit its customers across the sell-side, buy-side and trading venues. Blackstone’s strong relationships in the financial services industry and long and successful history of corporate partnerships will help F&R provide new and innovative products and services, drive further efficiencies and navigate ongoing industry consolidation.”

Canada, Toronto, Ontario & USA, New York, NY

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LDC acquires a significant stake in price comparison service USWITCH.COM

ldc_logoLDC has backed the MBO of, one of the most recognised brands and established businesses in the UK price comparison market.

LDC has acquired a significant stake in the business with the vendors Forward Internet Group retaining a substantial minority holding. Both investors will align with the existing management team who will also have a minority holding in the business. LDC’s focus will be on supporting the company’s strong management team to deliver on its clear vision and compelling growth strategy.

Founded in 2000, is a UK-based free, impartial price comparison and switching service. It allows consumers to compare prices for a range of energy, communications and financial services.
Since its acquisition by FIG in 2009, has significantly accelerated its growth. uSwitch employs 135 permanent staff and last year was ranked the top website by Hitwise, the leading global online competitive intelligence service, in the ‘Business and Finance – Utilities’ category, having been runner up for the previous three years.
The company has grown both organically and through acquisition, with its recent purchase of, a popular broadband and mobile phone comparison business.

FIG is a privately held investment company that creates, acquires and invests in web and consumer businesses and has a portfolio of over 25 companies.

Daniel Sasaki, Managing Director of LDC London commented, “Our role is to back British growth companies and we are delighted to help foster the expansion and enhance the performance of, which has established itself as one of the most well-regarded businesses and strongest brands in the price comparison market. It plays a key role as a consumer champion, giving people the tools to secure the best deals on all their essential utility, internet and financial services products and also contributes to making these areas of the UK economy more efficient, which will help to drive the country’s economic recovery.”

UK, London

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InterMedia Partners and Azteca Acquisition Corporation to merge their Spanish-language media companies

intermediaInterMedia Partners are to merge Cine Latino and InterMedia Español Holdings, which includes WAPA America and WAPA TV, with Azteca Acquisition Corporation in a transaction valued at approximately $400 million. InterMedia currently owns Cinelatino with Cinema Aeropuerto, S.A. de C.V., an indirect, wholly-owned subsidiary of Grupo MVS, S.A. de C.V., and James McNamara. The new company will be called Hemisphere Media Group, and will be a pure-play U.S. Hispanic TV/cable networks and content platform.

Following completion, Peter Kern, Managing Partner of InterMedia, will serve as Chairman of Hemisphere cinelatinoMedia Group. Alan J. Sokol, Senior Partner of InterMedia will become Chief Executive Officer. Craig Fischer, who works with Sokol at InterMedia, will become Chief Financial Officer. Gabriel Brener, CEO of Azteca Acquisition Corporation, and Sokol will become Directors of the new company.

Hemisphere will be headquartered in Miami, Florida.

Summary of the transaction

Under the terms of the proposed business combination, Azteca, WAPA and Cinelatino will each become indirect wholly-owned subsidiaries of Hemisphere. Pursuant to the Merger Agreement,

  • each share of Azteca common stock will be converted into one share of Hemisphere Class A common stock (which will be entitled to one vote per share);
  • the outstanding membership interests of WAPA and the outstanding common shares of Cinelatino common stock will be converted into an aggregate of 30.0 million shares of Hemisphere Class B common stock (which will be entitled to ten votes per share), valued at approximately $300 million, plus an additional 3.0 million shares of Hemisphere Class B common stock subject to certain forfeiture provisions if the market price of Hemisphere Class A common stock does not reach certain levels, and $5 million in cash;
  • 250,000 shares of Azteca common stock held by certain Azteca officers will be cancelled and an additional 250,000 shares held by the Azteca sponsor will be subject to forfeiture if the market price of Hemisphere Class A common stock does not reach certain levels; and
  • in exchange for cash consideration, all current holders of Azteca’s warrants will be asked to amend their warrants such that there will be approximately 50% less Hemisphere Class A common stock issued upon warrant exercise.

The Hemisphere Class A common stock and Hemisphere Class B common stock issued in the business combination will have the same rights and obligations, except that Hemisphere Class A common stock will be entitled to one vote per share while the Hemisphere Class B common stock will be entitled to ten votes per share. Assuming no redemptions by Azteca stockholders and no repurchases by Azteca of Azteca common stock from the public stockholders, immediately following the consummation of the business combination, current Azteca stockholders (including Azteca’s founders) will own approximately 27% of Hemisphere and the WAPA Member and Cinelatino stockholders will own, together, approximately 73% of Hemisphere immediately following the closing (excluding the shares subject to forfeiture provisions and Azteca warrants).

Hemisphere intends to apply for listing of the shares of Hemisphere Class A common stock on the NASDAQ Capital Market.

Deutsche Bank Securities Inc. and Maxim Group LLC are acting as capital markets and financial advisors to Azteca Acquisition Corporation. Morgan Stanley & Co. LLC is acting as financial advisor to InterMedia Partners. Greenberg Traurig, LLP is acting as legal advisor to Azteca Acquisition Corporation, and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal advisor to InterMedia Partners. Stan Budeshtsky is acting as a consultant to Azteca Acquisition Corporation.

USA, New York, NY & Miami, FL


UPDATE: Permira acquires for $1.6 billion

215_largeEuropean private equity firm Permira has completed its acquisition of for $1.6bn or $32 per share in cash. The price is a 40 percent premium from the price when word of the company being offered for sale surfaced in June and includes vesting of any outstanding options. As a result of the deal, will carry  ”just under $1 billion” in debt. This comes news comes 2 weeks after reports that would not be able to proceed with the sale unless it disclosed more information about the deal before a shareholder vote on December 27 2012 (Source). officials were required to change revenue projections and publicly disclose that provisions of the deal barred other bidders from attempting to top Permira’s offer, said Delaware Chancery Court Judge Leo Strine. The vote took place as scheduled with the sale approved by shareholders owning approximately 75% of common stock. Permira has since acquired all outstanding shares of and its stock ceased trading on the NASDAQ on December 28th 2012.

Genealogy website is the world’s largest online family history resource has more than two million subscribers who pay at least $12.95 a month for its content and online tools. More than 11 billion records have been added to the site in the past 16 years. Ancestry users have created more than 41 million family trees containing approximately 4 billion profiles. The press release for the transaction states that “There are no anticipated changes in the operations.”

The buyout group includes the private-equity firm’s co-investors; members of’s management, including Chief Executive Tim Sullivan and Chief Financial Officer Howard Hochhauser; and Spectrum Equity, which owns about 30 percent of

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USA, Utah & UK, London

Markit acquires securities lending analystics specialist Data Explorers

Markit, a global financial information services company, has acquired Data Explorers, a provider of global securities lending data, from mid-market private equity firm Bowmark Capital. Terms of the deal were not disclosed.

Data Explorers’ data set, which covers $12 trillion of securities in the lending programmes of over 20,000 institutional funds, provides a comprehensive view of short interest data and institutional fund activity across all market sectors. It is used by beneficial owners, custodians, agent lenders, prime brokers and asset managers to help inform investment decisions, manage risk and produce independent benchmarks.

The acquisition comes as the new regulatory environment is changing the dynamics of the securities financing markets. By combining Data Explorers’ data set with its own products and services, Markit will be able to develop new offerings allowing clients to optimise their use of collateral. Markit will also develop products for equity market participants in the ETF, dividend forecasting and quantitative research areas to complement its existing services.

Lance Uggla, CEO of Markit, said: “Markit’s acquisition of Data Explorers represents a logical extension to our existing data, research and analytics for the equity markets and complements our extensive fixed income offering. Our global distribution capabilities and robust technology infrastructure put us in a strong position to develop a compelling offering for our combined customer base globally.”

Donal Smith, CEO of Data Explorers, said: “With support from Bowmark Capital, Data Explorers has achieved fantastic growth over the last four years. We have more than doubled revenues and tripled profitability with new product innovation and expansion into Europe, North America and Asia. Data Explorers is now the leading provider of data and analytics to the entire securities finance market from agent lenders through to hedge funds and our services are a great fit with those offered by Markit.”

Data Explorers was established in 2002 and has offices in New York, London, Edinburgh and Hong Kong.

USA, New York, NY & UK, London

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Market data business Markit raises $250 million for a 7.5% equity stake Posted on February 4, 2010