Euromoney sells Mining Indaba business to ITE for £30m
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Business information and events group Euromoney Institutional Investor said it was selling its Mining Indaba business to ITE Group for £30.1m.
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Euromoney said it would receive the proceeds of the deal in two cash tranches, with £20m at completion and the balance by 1 June 2019. The sale is expected to complete in late October 2018.
The deal is in line with Euromoney's strategy of offloading non-strategic businesses and recycling the cash towards its main investment targets of price discovery, asset management and telecoms, the company said.
For the year ended 30 September 2017, Mining Indaba reported an adjusted operating profit of £2.5m.