London – British trade show organizer Emap will sell its events portfolio as part of a $1.97 billion acquisition deal with Apax Partners and Guardian Media Group.
The sale of the Emap Communications division was announced unexpectedly on December 21, less than three weeks after the company struck a deal to sell its Radio and Consumer Media divisions to German publisher Baer for $2.31 billion. At the time, Emap said it had not received any acceptable offers and would continue operating its Communications division as a B-to-B company.
The Communications division produces a number of trade shows such as Summer Fair London, Glassex and Interbuild. Events accounted for 43% of the division’s revenues in the six-month period ending September 30.
Alun Cathcart, executive chairman of Emap, said the late offer from Apax and Guardian Media Group was good enough to be snapped up right away. “We have already achieved highly attractive valuations for our magazine and radio businesses and are delighted to announce a further compelling opportunity for shareholders to crystallize the value of Emap’s B-to-B business at a 57.5% premium to its current underlying market valuation,” he said.
Under the terms of the agreement, the Communications division will be sold to Eden Bidco Ltd., a company formed for the purpose of the acquisition by Apax and Guardian Media Group. The deal will close after the Bauer transaction.
Reach Alun Cathcart at +44-20-7396-2300 or firstname.lastname@example.org