London-based Euromoney bosses have announced that they have agreed to accept the £1.61 billion takeover offer on the table from Becketts Bidco, a consortium of Luxembourg-based private equity firm Astorg Asset Management and London-based private equity firm Epiris LLP.
The offer is reportedly offering a 33.5 percent premium atop Euromoney’s closing price of £10.94 per share on the 17th of June, the date the offer officially commenced.
A FTSE-250 listed company, Euromoney was launched in 1969 by Patrick Sergeant, then City editor of the Daily Mailand has been a go-to source for all things financial to many for years. Focusing, clearly, on banking, capital markets, investment, foreign exchange, treasury and payments, fintech and sustainable finance, the organisation is comprised of a variety of business units, including BCA Research, Ned Davis Research, and Metal Bulletin, and Fastmarkets information service.
It’s precisely the latter unit that new owners are angling to splinter away from under the group’s umbrella. In a statement, Becketts indicated that they had, “tracked Fastmarkets for many years and have long admired its defensible business model, high-quality platform, and strong growth.”
Looking at Euromoney’s EDBITA numbers from the period of 31 March 2021 to 31 March 2022, the £1.61 billion deal would reflect a 20.2x including the 33.5 percent premium offered. In total, Euromoney shareholders can expect £14,61 per share with the closing of the deal expected in Q4 of this year.