21st Dec 2015 17:45
LONDON (Alliance News) - Bloomsbury Publishing PLC said Monday it has agreed to buy some LexisNexis and Jordan family law published assets from RELX UK Ltd and Jordan Publishing Ltd for a maximum of GBP1.4 million, minus deferred income.
The deal is a pre-condition of the UK's Competition and Markets Authority's approval of the purchase of Jordan by RELX. As such, completion of the acquisition is conditional on the CMA approving RELX's acquisition of the Jordan publishing business.
A ruling on this acquisition is expected in January.
Bloomsbury will pay the consideration in cash from its existing resources in two instalments, one on completion and the second six months later.
The assets produced a gross profit of GBP800,000 on revenue of GBP1.1 million in the year to end-March. It will buy the publishing rights to six family law titles.
Elsewhere, the company said it will begin to have visibility on its post-Christmas returns and post-Christmas ebook sales over the next year, and its results for the year to end-February will depend on these figures.
It will announce its full year results May 19.
Shares in Bloomsbury closed up 0.5% at 156.75 pence Monday.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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