Informa PLC (LSE:INF) rose to the top of the FTSE 100 leaderboard after it announced the £1.9bn sale of Pharma Intelligence and a share buyback programme.
The publishing and exhibitions group is selling the largest part of its Informa Intelligence division to Warbug Pincus.
Flush with cash, the group said it would start a share repurchase programme, with £100mln initially earmarked for the scheme.
The company said that revenue and trading profit for 2021 would be in line with previously issued guidance but free cash flow should be ahead of the previous guidance of £325mln+.
Shares in Informa were up 5.7% at 605.8p, giving the company a valuation of £8.6bn.
“We are delighted to be the partner of choice for Informa and to have the opportunity to acquire Pharma Intelligence with its operating management team. Pharma Intelligence plays a critical role in supporting and maintaining the ecosystem that surrounds clinical trials, drug development and regulatory compliance, and we intend to invest and significantly grow the business and its product offerings,” said Adarsh Sarma, the co-head of Europe at Warburg Pincus.