Sale of ICP Credit Reporting Business

RNS Number : 0913V

Wilmington PLC

19 July 2018

 

19 July 2018

Wilmington plc

("Wilmington" or the "Group")

Sale of ICP Credit Reporting Business

Wilmington plc (LSE: WIL), the provider of information, education and networking services in Risk & Compliance, Professional and Healthcare knowledge areas, is pleased to announce the sale of ICP, its specialist leading credit reporting company, to its current management team. The transaction price of £3.0m will be paid in instalments over the next five years. 

Since 1983 ICP has provided its global client base with accurate and high-quality company research in the Middle East, Africa, Asia, South America and offshore jurisdictions.  Located in London and Dubai, ICP's success in producing detailed company reports is based around a team of highly expert editors and researchers, some of whom have been with the business for more than 25 years. 

This transaction allows Wilmington to focus its resources on its core client communities and secure a good return for shareholders from historic investments.  Meanwhile, under transitional service arrangements ICP will continue to benefit from its existing technology infrastructure for up to twelve months to provide ongoing client confidence.  Furthermore, the transaction structure allows ICP to invest to bring a new range of risk information products to some of world's most challenging company reporting economies.

Pedro Ros, Group CEO of Wilmington commented:

"I am pleased that we have been able to agree this innovative solution with ICP management that allows them to invest in the business whilst recognising value for Wilmington's shareholders.  ICP provides a trusted, high quality service and I wish Jennifer and her team continued success in the future."

Jennifer Guy, Managing Director of ICP commented:

"This is a unique opportunity for ICP, its clients and employees. We continue to benefit from the special relationship with Wilmington whilst being excited about a new development era for our business. This transaction is positive for everyone connected with the business, and we are excited to lead ICP into a new phase of powerful information solutions for our clients."

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For further information, please contact:

Wilmington plc   Pedro Ros, Chief Executive Officer Richard Amos, Chief Financial Officer FTI Consulting Charles Palmer / Dwight Burden / Emma Hall / Leah Dudley

020 7422 6800 020 3727 1000

Notes to Editors

Wilmington plc is the recognised knowledge leader and partner of choice for information, education and networking in Risk & Compliance, Professional and Healthcare areas. Capitalised at over £160 million, Wilmington floated on the London Stock Exchange in 1995.

 

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