Sale of 11 Remaining UK-based Heritage Brands

RNS Number : 8069G

Ascential PLC

01 June 2017

 

1 June 2017

THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSES OF THE MARKET ABUSE REGULATIONS

Ascential plc

Sale of 11 Remaining UK-based Heritage Brands

Ascential plc (the "Group" / LSE: ASCL.L), the global business-to-business information company, today announces that it has agreed the sale of the remaining 11 UK-based Heritage Brands to Metropolis International Limited for a consideration of £23.5m, payable in cash and subject to normal working capital adjustments.  The sale has completed and the proceeds will be used to reduce Ascential's net debt. 

On 5 January 2017 the Group announced that it had separated 13 Heritage Brands into a new operating entity and that these brands would develop an independent business strategy while new owners were sought.  On 19 January 2017, Health Service Journal was sold to Wilmington plc for £19m in cash and, following today's sale of the remaining 11 UK-based Heritage Brands, the sale process continues for the one remaining Heritage Brand, Meed. 

In 2016, the 11 UK-based Heritage Brands generated revenue of £32.1m (2015: £34.6m) and adjusted EBITDA of £6.9m (2015: £8.0m).  Gross assets at 31 December 2016 were £18m including intangibles.

Duncan Painter, CEO, Ascential, commented:

"Ascential's strategy is to focus on its top performing brands to drive sustainable organic growth. This sale concludes the process to secure the future of the UK Heritage Brands."

The 11 brands include Drapers, Nursing Times, Local Government Chronicle, Construction News, New Civil Engineer, Ground Engineering, H&V News / RAC, Retail Jeweller, Materials Recycling World and the architecture titles including Architects' Journal, The Architectural Review and its associated World Architecture Festival.  

For further information, please contact:
FTI Consulting LLP	020 3727 1000
Matt Dixon/Ed Bridges/Chris Lane

About Ascential plc:

Ascential is a global business-to-business information company that informs and connects the business world in 150 countries through market-leading Exhibitions & Festivals and Information Services.

Ascential powers the prestigious Cannes Lions festival for the branded communications industry, the world's premier payments and financial services congress Money20/20, Spring Fair/Autumn Fair, the global fashion trend forecasting service WGSN, environmental risk data business Groundsure, e-commerce analytics provider One Click Retail and MediaLink, a U.S.-based advisory and business services firm.

Ascential's premium products enable focus, growth and value. The company provides customers with world class content and connections empowering their businesses to be the best informed and best connected. www.ascential.com

 

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