Euromoney Institutional Investor agrees to sell Global Markets Intelligence Division
Source - SMW
Euromoney Institutional Investor announced Monday that it reached an agreement to sell its Global Markets Intelligence Division, consisting of CEIC and EMIS, to a consortium of CITIC Capital Partners Management Limited for an equity value of $180.5 million.
The sale is expected to complete by the end of April 2018, to allow for a smooth transition of the business to the Consortium.
Andrew Rashbass, CEO of Euromoney, said: 'This transaction is another example of Euromoney's strategy in action: where a good business is not strategic, we will sell it and recycle capital towards our main investment themes like price discovery, asset management and telecoms. CITIC Capital and Caixin will provide an excellent home for the business, which Aloisio Parente and the whole team have done a fantastic job developing as part of Euromoney.'
Yichen Zhang, Chairman and CEO of CITIC Capital, said: 'We are very excited to make this investment in CEIC and EMIS, which are world-class platforms for macro-economic and business information. Together with Caixin, we look forward to working with the management team to continue growing the business and developing its global customer base.'