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Euromoney Institutional Investor PLC on Monday accepted a £1.61 billion takeover bid from Astorg Asset Management Sarl.
The London-based business media and events group had accepted a takeover tilt from Becketts Bidco, a consortium of Luxembourg-based private equity firm Astorg Asset Management and London-based private equity firm Epiris LLP.
Under the deal, Becketts will pay 1,461 pence per Euromoney share, a 10% premium to its 1,328.00 close price on Friday. The bid is a 34% premium to Euromoney's last ‘undisturbed’ stock price of 1,094 on June 17, the final trading day before Euromoney confirmed the takeover approach on June 20.
The offer from Becketts Bidco values Euromoney at £1.61 billion on a fully diluted basis and £1.66 billion on an enterprise value basis.
Shares in Euromoney were 9.5% higher at 1,454.00 pence on Monday morning in London.
Astorg expects the transaction to complete during the fourth quarter of 2022. The acquisition is conditional on gaining at 75% approval from shareholders at a court and general meeting, as well as gaining the relevant regulatory and antitrust approvals.
‘The board believes the offer represents value for shareholders and reflects the attractions of Euromoney's business model and performance. I would like to recognise the exceptional contribution of our people. Their insight, talent and innovation has driven our successful transition to a fast-growing, high margin, 3.0, information-services business,’ Chair Leslie Van de Walle commented.
In addition, Euromoney said it now expects annual results to top board expectations. Revenue in the nine months to June 30 surged 30% to £304.3 million, it said. Euromoney's financial year ends in September.
‘Continued growth in subscriptions was accompanied by high demand for a number of our largest events of the year. Taking into account the third quarter performance, we now expect the results for financial year 2022 to be ahead of the board's previous expectations,’ the company explained.
Euromoney had a net cash position of £39.1 million as at the end of June.
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