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03 Oct 2018 | 07:13

Euromoney to sell its Mining Indaba business to ITE Group for £30.1m

Euromoney Institutional Investor said Wednesday it had agreed to sell the assets of its Mining Indaba business to ITE Group for £30.1m.

The sale was in line with Euromoney's strategy of actively managing its portfolio of assets and selling businesses which do not fully align with its strategy, providing further capital for the company to recycle towards its main investment themes.

For the year ended 30 September 2017, Mining Indaba reported an adjusted operating profit of £2.5m. Euromoney agreed to receive the payment in two tranches, £20.0m at completion and the balance by 1 June 2019.

The sale was expected to complete in late October 2018. 'We have agreed to sell Mining Indaba to ITE which will be a good home for it. Mining Indaba performed well this year and this disposal is another example of Euromoney's strategy in action: where a good business does not align with our strategy, we will sell it and recycle capital towards our main investment themes including price discovery, asset management and telecoms,' said Andrew Rashbass, CEO of Euromoney.

Story provided by StockMarketWire.com
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