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(Alliance News) - Bloomsbury Publishing PLC on Friday has agreed to buy Red Globe Press for GBP3.7 million.
Red Globe Press is an academic imprint from Macmillan Education Ltd, which is part of Springer Nature Group.
The London-based publishing house of fiction and non-fiction said the price consists of GBP2.1 million cash at completion and up to GBP1.6 million to be paid on or post-completion, subject to assignment of some contracts.
Bloomsbury said Red Globe Press generated GBP9.6 million revenue and GBP1.1 million pretax profit in 2020, and had gross assets of GBP800,000.
"Red Globe Press aligns well with our existing academic publishing and provides a gateway to new and attractive academic publishing areas. This move is another key step in the delivery of our strategic growth strategy, and continues our drive to grow our Non-Consumer business. Acquiring these complementary lists accelerates our digital growth and our significant presence in humanities and social sciences academic publishing," said Bloomsbury Chief Executive Nigel Newton.
Shares in Bloomsbury were up 5.0% at 294.00 pence in London on Friday.
By Zoe Wickens; zoewickens@alliancenews.com
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