Private equity investors Astorg and Epiris have formally completed their £1.66 billion acquisition of Euromoney Institutional Investor with a split of the company between the two investors now set to begin according to a report by Press Gazette.
Private equity investors Astorg and Epiris have formally completed their £1.66 billion acquisition of Euromoney Institutional Investor with a split of the company between the two investors now set to begin according to a report by Press Gazette.
Euromoney Institutional Investor PLC chief executive Andrew Rashbass is stepping down following the completion of the deal, which was approved by shareholders on 8 September and has since received regulatory approval. Euromoney will delist from the London Stock Exchange today (Friday, 25 November).
Astorg is to take control of the the Fastmarkets division, which provides price data, news and market analysis from more than 200 reporters and analysts globally for markets including agriculture, energy, and metals and mining, and accounts for the bulk of the £1.66 billion purchase price. The remainder of the business – mainly the asset management and financial and professional services divisions – will be under the control of Epiris and named initially as New Euromoney.
Henry Elkington of Epiris will be serve as acting executive chairman until a new chief executive is appointed, at which point he will join fellow Epiris partners Chris Hanna and Ian Wood all as non-executive chairmen.
The full division of the businesses is expected to complete at the end of March next year.
