22nd May 2019 13:23
LONDON (Alliance News) - Informa PLC on Wednesday said it has inked an asset swap agreement with information services group IHS Markit to strengthen Informa's market position in Telecommunications, Media & Technology sector.
Under a so-called portfolio management agreement, Informa will exchange its Agribusiness Intelligence portfolio for IHS Markit's portfolio of TMT brands.
Informa will contribute an additional USD30 million in cash to IHS Markit to reflect the larger earnings contribution from the IHS Markit business. The asset swap is expected to complete in July.
"This agreement is very positive for both IHS Markit and Informa, increasing the focus of each company on core markets where it has particular strengths and a long-term commitment to invest and grow" said IHS Markit Chief Executive Lance Uggla and Informa boss Stephen Carter.
Informa, a events and information business, said the asset swap agreement is part of a portfolio management programme designed to focus on brands and customer markets with the greatest opportunities for growth and expansion.
The enlarged Informa Tech business will have annual revenue of around USD350 million and offer a wide range of business-to-business services, making it an attractive international partner for informing, educating and connecting technology businesses and professionals, the company asserted.
Shares in Informa were trading 1.7% higher at 782.40 pence each on Wednesday afternoon.
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