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Euromoney to go private as board backs £1.6 billion deal

·1-min read
Euromoney provides data and information to financial services professionals  (PA)
Euromoney provides data and information to financial services professionals (PA)

Euromoney International Investor has agreed to be taken private in a £1.6 billion deal with suitors who have made four previous offers for the group.

The FTSE 250 financial publisher and banking awards organiser’s board has backed the latest approach -- priced at 1461p per share -- having resisted previous offers in a range between 1175p and 1350p. The bidding consortium is made up of private equity funds Astorg and Epiris.

They intend to split Euromoney up, separating its Fastmarkets business, which provides price benchmarking and analysis of commodities markets, into a stand-alone company.

The remainder of the group will contain its Financial and Professional Services operations and its Asset Management business, which will include the Insurance Insider title and awards nights as well as the International Tax Review and a range of exhibitions for the financial services sector.

Euromoney says its purpose is to “provide clarity in opaque markets” to customers who are usually financial institutions. It employs over 2500 people on brands including Total Derivatives and BoardEx.

After the separation, the bidders said Fastmarkets will be owned by Astorg, with the rest of Euromoney’s businesses controlled by Epiris.

“We look forward to providing the additional capital and resources that are required to accelerate Fastmarket’s next phase of organic and inorganic growth,” said Astorg.

Epiris said: “We will empower the individual teams ... and back them with further investment to accelerate growth, both organic and through mergers and acquisitions.”

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