LONDON/SHANGHAI (Reuters) - British business-to-business information company Euromoney (ERM.L) has agreed to sell its Global Markets Intelligence Division (GMID) to a Chinese consortium of CITIC Capital Partners and leading business news outlet Caixin for $180.5 million, it said on Monday.
Euromoney said proceeds of about $145 million would leave the company in a net cash position and provide it with funds to help grow its activities in pricing, asset management and telecoms.
Private equity firm CITIC Capital acquired the GMID business in partnership with Hong Kong-based Caixin Global, the overseas arm of Caixin Media.
Caixin Global said on its website the deal was the biggest offshore purchase ever by a mainstream Chinese media company and would help Caixin as it “aspires to build up a global news and information platform to rival similar offerings from companies like Bloomberg, Thomson Reuters and the Economist.”
Hong Kong-headquartered GMID provides financial intelligence on emerging markets including China, India and Brazil. Its two main units are CEIC and EMIS, which provide economic data, news and analytics.
The purchase is expected to close in the first half of this year, Caixin said.
Euromoney is 49.1 percent-owned by Daily Mail & General Trust Plc (DMGOa.L).
Caixin described itself as “privately-owned and more entrepreneurial” than its state-owned peers. It is funded by private backers including CMC Capital Partners.
Reporting by Sarah Young in London and John Ruwitch in Shanghai, Editing by Paul Sandle and David Evans