24th May 2023 11:31
(Alliance News) - Bonhill Group PLC on Wednesday said it will sell InvestmentNews LLC to Key Media Business Information US Inc for a total of USD4.1 million.
Shares in Bonhill were up 22% at 5.80 pence each in London on Wednesday morning.
The Woking, England-based media company, specialising in business information, events and data analytics, said the sale is dependent on shareholder approval.
This comes after it received an offer from KM in March. The US-buyer will also assume InvestmentNews's obligations under its office lease until January 2028.
InvestmentNews generated revenue of around GBP7.4 million in 2021.
KM is a Colorado-based magazine publisher.
KM Chief Executive Officer Mike Shipley said: "We are excited to be acquiring such an iconic US title and to have Bonhill's incredibly talented staff join our global team. We see a lot of opportunity for us to complement our existing global titles and grow the existing Investment News portfolio of products."
By Sabrina Penty, Alliance News reporter
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