LONDON (Alliance News) - Book publisher and distributor Quarto Group Inc Tuesday said its subsidiary has entered into a conditional agreement to acquire Lewes Holdings Ltd, the owner of book publisher The Ivy Press Ltd, for up to GBP1.3 million plus debt.
Quarto said the Lewes business will become part of its Quarto International Co-Editions division. It will pay up to GBP1.3 million for the business, plus the assumption of up to GBP200,000 of debt,
Excluding initial one-off acquisition costs of around USD0.5 million, the acquisition will be earnings enhancing, it said.
The acquisition is conditional on the approval of The Ivy Press' lenders.
Quarto shares were trading 0.8% lower Tuesday afternoon at 162.20 pence.
By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty
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