Euromoney to buy BoardEx and The Deal for $87.3m
Business information and events group Euromoney Institutional Investor has agreed to buy BoardEx and The Deal from parent company TheStreet for $87.3m in cash.
BoardEx is an executive profiling and relationship mapping platform, providing users with accurate, up to date and in-depth profiles of over one million of the world's business leaders, while The Deal is a source of data, news and intelligence on mergers and acquisitions, activist investing, private equity and restructuring.
Euromoney said that combining these platforms and integrating them with its existing portfolio will create a "powerful and unique" workflow tool serving multiple industries. The company said both products are highly complementary, serving a number of shared customer groups, particularly investors, banks and professional services firms.
Chief executive officer Andrew Rashbass said: "I am excited by the acquisition of BoardEx and The Deal, which brings two additional high-quality assets into Euromoney's portfolio and supports our transition towards a next generation 3.0 business model.
"The businesses are perfectly placed to grow further under Euromoney ownership, with the group's existing data expected to enhance the BoardEx platform. We look forward to working with the management team and our new colleagues around the world to develop these leading brands and take advantage of the compelling growth opportunities they offer."
The acquisition, which is expected to be earnings-enhancing for Euromoney in its current financial year, is due to complete in the first quarter of next year.