Acquisition by Reed Elsevier

Reed International PLC
Elsevier NV
27 March 2000


REED ELSEVIER TO ACQUIRE CMD GROUP

Reed Elsevier plc today announced that its US based business information
subsidiary, Cahners Business Information, has signed a definitive purchase
agreement to acquire CMD Group (formerly known as Construction Market Data
Group) for $299.5m.  The acquisition is a significant expansion of Reed
Elsevier's position in the worldwide construction information market. 
Together with Cahners' existing construction magazines and websites, the CMD
Group portfolio provides a strong platform for the development of Reed
Elsevier's internet strategies in this sector. The acquisition, which is
expected to complete by the end of April, will be funded from cash resources.

CMD Group, with headquarters in Atlanta, Georgia, is one of the leading
international suppliers of information to the construction industry.  It
provides construction project information both nationally and regionally in
the US, as well as directories of building products and services, and
construction cost data.  In the 12 months to 31 December 1999, it reported
revenues of $126 million. Cahners and CMD Group already have a joint venture
in the Buildingteam.com service for architects, engineers, contractors and
facilities managers. 

Commenting on the acquisition, Marc Teren, Cahners' chief executive officer,
said:  'The combination of CMD Group and the Cahners Building and Construction
Group will give us the critical content, business team and relationships to
lead the industry in e-commerce and information services.  The growth
potential is very exciting and we will move quickly to bring CMD Group's
print-based construction information online as a critical component in the
development of our internet plans.'

For further information, contact:

London                     Amsterdam                 New York
Susanna Smart              Pieter Jobsis             Paul Richardson
[phone]       [phone]        [phone]