Euromoney Institutional Investor - BoardEx brought on board
Euromoney Institutional Investor (ERM) has announced the acquisition of BoardEx and The Deal for $87.3m in cash from The Street, representing 3.5x FY18 revenues. Completion is expected in early 2019, at which point we will update our forecasts. BoardEx and The Deal fit neatly alongside elements of ERM’s existing specialist information, banking and financial operations, with overlap in the customer base and similarly strong subscription bases and retention rates. Management anticipates the deal will be earnings enhancing in the first year. Net cash at end-September was £78.3m and £20m of disposal proceeds was received in October, leaving plenty of resource for further deals.Euromoney Institutional Investors is an international business information group. Co.'s segments are: Asset management, which provides independent research; runs networks and conferences; and provides news and data that are critical for the industry; Pricing, data & market Intelligence, which provides prices, data, analysis and events that are critical for business processes and workflow across a number of industries, such as metals and mining industries, telecoms, insurance, airline and banking; Banking & finance, which provides market intelligence, news, training and conferences; and Commodity events, which consists of conferences in the metals, agriculture and energy sectors.
Edison is an investment research and advisory company, with offices in North America, Europe, the Middle East and AsiaPac. The heart of Edison is our world renowned equity research platform and deep multi-sector expertise. At Edison Investment Research, our research is widely read by international investors, advisors and stakeholders. Edison Advisors leverages our core research platform to provide differentiated services including investor relations and strategic consulting.
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