1st Apr 2016 06:35
LONDON (Alliance News) - Information and events group Euromoney Institutional Investor PLC on Friday said it has agreed to sell its energy publishing businesses for USD18.0 million in cash.
Euromoney has sold the businesses, Gulf Publishing Co in Houston and the Petroleum Economist in London, to a consortium led by John Royall, the chief executive of Gulf Publishing, and media investor Russell Denson.
Euromoney expects the deal to close by the end of April and said it is actively seeking to sell non-core businesses.
"In line with our strategy, we are selling these businesses because they are not core for us. We believe the new owners, with their base in Houston, Texas, are better positioned to develop these businesses," said Andrew Rashbass, Euromoney's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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