Financial news and information business Euromoney Institutional Investor Plc has accepted a $1.7 billion offer from two private equity firms to purchase the company, reports Bron Maher of Press Gazette.
Maher reports, “Euromoney is not Epiris’ first investment in the media: it bought NME and Marie Claire from Meredith Corp, then parent company to Time Inc, in February 2018. Epiris has since sold both titles, but not before shutting NME and Marie Claire’s print editions.
“Astorg has less history with the media: in 2014 it purchased a majority stake in Luxembourg-based satellite television business M7 Media, but it sold the company in 2019.
“Astorg says on its website it is ‘only interested in making investments in global B2B companies, with market leading positions, that sell highly differentiated products or services.’
“Astorg and Epiris appear to have gone 50/50 on the deal: the vehicle for the acquisition, an entity formed last week named ‘Becketts Bidco Limited’, is the wholly-owned subsidiary (via ‘Maggots Midco Limited’) of ‘Hangar Holdco Limited’.”
Read more here. The company owns business news publications such as Institutional Investor and The Deal.