(Alliance News) - Ascential PLC on Tuesday said it has inked an agreement to sell Glenigan to Byggfakta Group for GBP72.9 million.
Glenigan is a brand within Ascential's Built Environment & Policy unit. Byggfakta is a provider of market data and business intelligence in the Nordic construction, property, healthcare and tender sectors.
FTSE 250-listed information, data and analytics company Ascential stated the nature of Glenigan's business is not aligned with the company's strategic priorities as it added the disposal will allow capital to be allocated to core areas, particularly the Digital Commerce segment to suppoirt investments and potential M&A opportunities.
"The sale is a step forward for Ascential and our customers as our strategic focus and investments can be further concentrated on our core customer proposition: enabling our customers to design and create the right products, maximising their marketing impact and optimising their digital commerce performance," said Ascential Chief Executive Duncan Painter.
In 2019, Glenigan generated revenue of GBP12.2 million and adjusted earnings before interest, tax, depreciation, and amortization before allocation of central costs of GBP6.8 million. Gross assets as at June 20, 2020 were GBP7.1 million.
Shares in Ascential were trading 3.0% lower at 350.20 pence each on Tuesday morning in London.
By Ife Taiwo; ifetaiwo@alliancenews.com
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Ascential (ASCL)