27th Nov 2018 07:51
LONDON (Alliance News) - RELX PLC publisher Elsevier intends to make a GBP100 million takeover offer for the weekly magazine Times Higher Education, a part of TES Global, the Sky News reported late Monday.
Elsevier provides information and analytics to the science and healthcare industries and is publisher of The Lancet medical journal.
FTSE 100-listed RELX is expected to table offers as soon as this week, the Sky News said.
Times Higher Education has a partnership deal with Elsevier to use its data to produce global university rankings.
The remainder of TES Global's ?business, which includes The Times Education Supplement magazine, is in the process of being sold separately, Sky News said.
TPG Capital has acquired TES Global in 2013 for GBP400 million. The disposals came after the American private equity firm has endured a "difficult time" in the UK as a consequence of its investments in restaurant chain Prezzo and discount retailer Poundworld.
In June, Poundworld have been forced into administration, citing the shift to online shopping, increased rents and business taxes. It was then acquired by a Leeds-based property developer New Money Ltd. Meanwhile, Prezzo has shut restaurants and culled hundreds of jobs.
https://news.sky.com/story/ftse-giant-relx-plots-100m-bid-for-times-higher-education-11564527
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