(Alliance News) - Bloomsbury Publishing PLC on Tuesday said it has completed its acquisition of Red Globe Press for GBP3.7 million.
The London-based publishing house of fiction and non-fiction said the price consists of GBP1.8 million in cash at completion and up to GBP1.9 million to be paid on or post-completion, subject to assignment of some contracts.
Red Globe Press is an academic imprint from Macmillan Education Ltd, which is part of Springer Nature Group. The sale and purchase agreement for its takeover have now been signed, Bloomsbury said.
Red Globe Press generated GBP9.6 million in revenue and GBP1.1 million in pretax profit in 2020, and had gross assets of GBP800,000.
Shares in Bloomsbury were up 1.7% at 323.48 pence in London on Tuesday.
By Will Paige; willpaige@alliancenews.com
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Bloomsbury (BMY)