Bonhill Group PLC (LSE:BONH) shares flickered 24% higher to 5.89p after it agreed to sell off its InvestmentNews arm to KM Business Information US, a wing of Australia's Key Media for US$4.1mln (£3.3mln) cash.
Shareholders' approval will be needed to complete the deal, the company formerly known as Vitesse Media said in a statement on Wednesday.
As well as the InvestmentNews magazine and website, the New York-based business also ran events and produced newsletters, research, video and podcasts, as well as targeted microsites including RPA Convergence, ESG Clarity, and Fintech for Advisers.
Once the disposal is complete, Bonhill intends to return "substantially all" of its cash to shareholders by way of a tender offer and executive director John French, chief executive of InvestmentNews, will resign and join Key Media.