1 Apr 2016 07:00
EUROMONEY INSTITUTIONAL INVESTOR PLC
RNS Announcement
April 1, 2016
Euromoney Institutional Investor PLC announces
the disposal of its energy publishing businesses
Euromoney Institutional Investor PLC ("Euromoney"), the international online information and events group, today announces that it has entered into an agreement to sell its energy publishing businesses, Gulf Publishing Company ("Gulf") in Houston and the Petroleum Economist in London, to a consortium led by Gulf's CEO, John Royall and media investor Russell Denson, for a cash consideration of $18 million. Euromoney has owned Petroleum Economist since 1989 and Gulf since 2001. The transaction is expected to close on April 30, 2016.
This transaction is in line with the strategy presented at Euromoney's recent Investor Day, including actively managing its portfolio of assets and seeking to sell certain businesses which do not align with its strategy.
Commenting on the announcement, Euromoney CEO Andrew Rashbass, said: "In line with our strategy, we are selling these businesses because they are not core for us. We believe the new owners, with their base in Houston, Texas, are better positioned to develop these businesses. John Royall has been a valued and respected colleague at Euromoney. I have no doubt he will continue to show outstanding leadership of these businesses under their new ownership."
John Royall said: "Euromoney has been a great home to these businesses. We and our partners look forward to building an independent and innovative media company that will take advantage of opportunities in the global energy industry."
Ends
For further information, please contact:
Euromoney Institutional Investor PLC
Andrew Rashbass, CEO: +44 20 7779 8845; andrew.rashbass@euromoneyplc.com
Colin Jones, Finance Director: +44 20 7779 8666; cjones@euromoneyplc.com
Christopher Fordham, Development Director: +44 20 7779 8057; cfordham@euromoneyplc.com
FTI Consulting
Charles Palmer/Emma Appleton: +44 20 3727 1400; euromoney@fticonsulting.com
NOTE TO EDITORS
Euromoney Institutional Investor PLC (www.euromoneyplc.com) is listed on the London Stock Exchange and is a member of the FTSE 250 share index. It is a leading international business-to-business media group focused primarily on the global banking, asset management and commodities sectors. It owns more than 70 brands including Euromoney, Institutional Investor and Metal Bulletin, and is a leading provider of economic and investment research and data under brands including BCA Research, Ned Davis Research, and the emerging market information providers, EMIS and CEIC. It also runs an extensive portfolio of events for the financial and commodities markets. The group's main offices are in London, New York, Montreal, Hong Kong and Sofia, and more than a third of its revenues are derived from emerging markets.