Shares in Centaur Media (AIM:CAU) rose 20% on Thursday after the group agreed to sell its legal title The Lawyer for £43 million.
The buyer is Lighthouse Bidco, the parent of Legal Benchmarking, which will take control of the business in a deal valuing it at 16 times 2024 operating profit. Completion is expected in early October, subject to funding.
The disposal follows July’s £10 million sale of MiniMBA and forms part of a wider strategy review led by executive chair Martin Rowland to unlock shareholder value. Centaur said it plans to return cash to investors from the proceeds, though details have yet to be finalised.
The group reported net cash of £24.5 million as of September 9.
The share rose 6.9p to 41.4p.