Euromoney PLC (LON:ERM) has agreed to sell its Global Markets Intelligence Division(GMID) to a consortium led by private equity firm CITIC Capital Partners for US$180.5mln.
The FTSE 250-listed, business-to-business information company said the net proceeds of about US$145mln would leave the company in a net cash position and provide it with funds to help grow its activities in pricing, asset management and telecoms.
CITIC Capital has acquired Hong Kong-headquartered GMID - which provides financial intelligence on emerging markets including China, India and Brazil - in partnership with China’s Caixin Global.
For the year ended 30 September 2017, GMID reported an operating profit of £11.9mln, as disclosed in the notes to Euromoney's 2017 annual accounts.
Andrew Rashbass, CEO of Euromoney, said: "This transaction is another example of Euromoney's strategy in action: where a good business is not strategic, we will sell it and recycle capital towards our main investment themes like price discovery, asset management and telecoms. CITIC Capital and Caixin will provide an excellent home for the business, which Aloisio Parente.”
Euromoney is 49.1% owned by Daily Mail & General Trust PLC (LON:DMGT).