Euromoney buys FastMarkets
Euromoney Institutional Investor has signed a binding contract to buy real-time metals market information provider FastMarkets.
The FTSE 250 online information and events group and owner of Metal Bulletin said it expects to make a cash payment of around £13m for the acquisition.
It said FastMarkets will become an integral part of Euromoney’s portfolio of digital pricing products that includes Metal Bulletin and American Metal Market.
Metal Bulletin’s managing director Raju Daswani said: "FastMarkets is an excellent business that perfectly complements Metal Bulletin's portfolio of price reporting and information products.
“Recent volatility in base metal markets has highlighted the need for high-quality price reporting on the physical metal markets to supplement the price discovery function of the world's commodity futures exchanges. This acquisition complements Metal Bulletin and extends Euromoney's global coverage of metals markets.”
Established in 1999, FastMarkets is used by non-ferrous and precious metals traders and risk managers every day as a workflow tool.
At 1550 BST, Euromoney shares were up 0.4% to 1,096p.