Amigo changes annual expectations, shares plunge

Euromoney Institutional Investor plc has announced on Thursday that it will acquire BoardEx and The Deal. Indeed, the global business information and events group will acquire 100% of the equity of the two companies from its parent company TheStreet. Following the announcement, shares in Euromoney dropped 4% this morning.

By combining the two platforms and integrating them with Euromoney’s existing portfolio, the company aims to create a powerful workflow tool to serve multiple industries.

Euromoney Institutional Investor is a global, multi-brand information business. Moreover, it provides critical data, price reporting, insight, analysis to different markets. The company is a member of the FTSE 250.

Euromoney will acquire BoardEx and The Deal for $87.3 million, funded from its existing facilities.

BoardEx is an executive periling and relationship mapping platform. It provides its users with detailed profiles of over one million of the world’s business leaders. Equally, The Deal is a “trusted” source of information, data and intelligence. In the US, its digital subscription is one of the leading brands on the market in deal-driven intelligence.

Both products acquired by Euromoney are well suited to its current portfolio. In fact, all three serve a variety of shared customer groups, including investors, banks and professional services firms.

CEO of Euromoney, Andrew Rashbass, commented on the acquisition:

“I am excited by the acquisition of BoardEx and The Deal, which brings two additional high-quality assets into Euromoney’s portfolio and supports our transition towards a next generation 3.0 business model. The businesses are perfectly placed to grow further under Euromoney ownership, with the Group’s existing data expected to enhance the BoardEx platform. We look forward to working with the management team and our new colleagues around the world to develop these leading brands and take advantage of the compelling growth opportunities they offer.”

Other market news also includes ContourGlobal’s announcement that it will sell its stake in MW concentrated solar power facilities. Elsewhere, the FTSE 100 has slumped to a two-year low with Melrose, Glencore and Antofagasta taking the biggest hit. Additionally, Thames Water reported a 60% plunge in its profits as a result of extreme weather and regulatory penalties.

At 12:02 GMT today, shares in Euromoney Institutional Investor plc (LON:ERM) were trading at -4.06%.