Euromoney Institutional Investor PLC, an international business information and events group, announced last week a binding agreement to sell the assets of its Mining Indaba business to ITE Group PLC for a price of £30.1 million.
Posted on: 11 October 2018 07:46
Andrew Rashbass: "Where a good business does not align with our strategy, we will sell it."
Mining Indaba's annual event, Investing in African Mining Indaba, is the world's largest mining investment conference, dedicated to the capitalisation and development of mining in Africa.
This transaction is in line with Euromoney's strategy, which includes actively managing its portfolio of assets and selling businesses which do not fully align with its strategy, providing Euromoney with further capital to recycle towards its main investment themes, says the company.
For the year ended 30 September 2017, Mining Indaba reported an adjusted operating profit of £2.5 million. The consideration is fixed and will be received in cash in two tranches, £20.0 million at completion and the balance by 1 June 2019. The sale is expected to complete in late October 2018.
Andrew Rashbass, CEO of Euromoney, said: "We have agreed to sell Mining Indaba to ITE which will be a good home for it. Mining Indaba performed well this year and this disposal is another example of Euromoney's strategy in action: where a good business does not align with our strategy, we will sell it and recycle capital towards our main investment themes including price discovery, asset management and telecoms."
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