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Euromoney Institutional Investor PLC - London-based business information and events - Astorg Asset Management SARL, which together with Epiris GP Ltd and Epiris GP III Ltd aims to buy Euromoney, says their consortium Becketts Bidco Ltd enters into a senior facilities agreement with Ares Management Ltd and affiliates. Becketts Bidco will receive £30.0 million. Meanwhile, Lloyds Banking Group PLC takes over as lender under a super senior multicurrency revolving credit facility.
According to terms agreed in July, Astorg Asset Management and Epiris will pay 1,461 pence per Euromoney share, a 34% premium on Euromoney’s ‘undisturbed’ stock price of 1,094p on June 17, the final trading day before Euromoney confirmed the takeover approach on June 20. The total value of the takeover is £1.6 billion.
Current Euromoney stock price: 1,456.00 pence
12-month change: up 47%
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