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Euromoney Institutional Investor acquires financial data business Arete Consulting

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Information group Euromoney Institutional Investor (LON:ERM) has agreed to acquire Arete Consulting Limited, which it called “the world's leading database of retail structured investment  products” and said the deal fit its strategy of investing into high-growth online subscription data businesses.
This is Euromoney's first sizeable acquisition since the purchases of Metal Bulletin and Total Derivatives in October 2006.

It called Arete the definitive global data and news source covering structured retail products. The business was founded in 2001 by its managing director and principal shareholder, Robert Benson, formerly Global Head of Structured Products at HSBC (LON:HSBA). The company’s proprietary structured retail products database StructuredRetailProducts.com contains information on over 1.3 million products with significant derivative features from 33 countries, dating back nearly 20 years.

Arete's customers are in 52 countries, including emerging markets, and are mostly investment banks, issuers of structured retail products, regulators and financial indices.

The business has operations in London, New York and Hong Kong and a full-time staff of 37.

"We are delighted to acquire Arete and to receive the continuing support of Robert Benson and his excellent teams in London, New York and Hong Kong. We look forward to helping this high-quality subscription data business to grow and to develop additional sources of revenue. This acquisition fits our strategy perfectly,” said Euromoney chairman Padraic Fallon.

The final price is dependent on Arete's audited profits for its financial year to 28 February 2011. The acquisition will be financed from Euromoney's existing borrowing facility.  Arete has gross assets of £1.1 million (derived from its audited accounts to 28 February 2010) and net liabilities of £183,000.

Quick facts: Euromoney Institutional Investor

Price: 1296 GBX

LSE:ERM
Market: LSE
Market Cap: £1.42 billion
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