14th Sep 2005 07:22
Euromoney Institutional InvestorPLC14 September 2005 EUROMONEY INSTITUTIONAL INVESTOR PLC RNS Announcement Not for release before 07.00 hours London time on 14 September 2005 Euromoney Institutional Investor PLC to acquire leading telecoms publisher and event organiser ("TelCap") Euromoney Institutional Investor PLC ("Euromoney") announced today that it willacquire TelCap Limited, the publisher of the leading global telecoms magazine,Capacity, and the organiser of nine annual conferences. Euromoney has initially acquired a 40% interest in TelCap for a cashconsideration of £1.7 million, subject to audit of TelCap's accounts for theyear to 31 January 2006. In addition, it has contracted to acquire four furthertranches of TelCap's equity of 15% each in March 2007, 2008, 2009 and 2010.These consideration payments are dependent on the audited profits of TelCap forthe years to 31 January 2007 to 2010 respectively. The maximum considerationpayable for 100% of TelCap is capped at £17.5 million. The acquisition will befinanced from Euromoney's existing borrowing facility. TelCap was founded in 2000 by Mark Kemp and Rachel Jones who prior to this wereboth senior executives at Risk Publications. Capacity magazine, which theylaunched as a monthly in late 2000 and has a BPA-audited circulation of 5,291,focuses on the latest developments in the global wholesale telecoms sector andcovers topic areas such as pricing strategies, connectivity issues, operationalsupport services, risk management, network development, new telecom services andapplications and last mile strategies. Its audience is the senior executives attelecom carriers and service providers who are responsible for managing theirnetwork businesses and the sale and purchase of telecoms capacity. The company'snine conferences have developed a strong name in this niche market. The biggestis Capacity Europe which began in 2000. There are also events in the US, Central& Eastern Europe, Asia, Latin America and Russia. "We are delighted to acquire TelCap and to receive the continuing support ofboth Mark Kemp and Rachel Jones," said Richard Ensor, managing director ofEuromoney. "TelCap is a strong and rapidly growing media business, and we arelooking forward to working closely with the TelCap team to further theirexpansion around the world." Commenting on the acquisition, Mark Kemp, CEO of TelCap, said: "We are delightedto be joining Euromoney, a leading media group, who we have long respected andare a proven success in global media businesses. Euromoney's resources willenable us to accelerate the growth and development of TelCap's products and helpus to build a stronger telecommunications/ICT media business, which in turn willcreate key opportunities for both the business and our staff." Ends Note to editors: About Euromoney Institutional Investor PLC Euromoney Institutional Investor PLC is listed on the London Stock Exchange andis a member of FTSE 250 share index. It is a leading internationalbusiness-to-business media group focused primarily on the international financesector. It publishes more than 100 magazines, newsletters and journals,including Euromoney and Institutional Investor. It also runs an extensiveportfolio of conferences, seminars and training courses, and is a leadingprovider of electronic information and data on international finance andemerging markets. For further information, please contact: 1) Richard Ensor, Managing Director of Euromoney Institutional InvestorPLC: London +44 207 779 8845. Email: [email protected] 2) Colin Jones, Finance Director of Euromoney Institutional Investor PLC: New York +1 212 224 3930. Email: [email protected] 3) Christopher Fordham, Development Director, Euromoney InstitutionalInvestor PLC: London +44 207 779 8057. Email: [email protected] This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
ERM.LDMGT.L