LONDON, UK: Bonhill (AIM: BONH) has announced that it has exchanged contracts with KM Business Information US, Inc., a Key Media company, regarding the conditional disposal of the business and assets of InvestmentNews [IN] for a total cash consideration of $4.1 million (£3.3 million).
InvestmentNews [IN] is a leading provider of financial news and information to the investment community in the United States. It publishes a number of well-known titles, including Investment News, which is the largest independent financial news publication in the United States.
The Proposed Disposal is subject to a number of conditions, including the approval of Bonhill shareholders. A circular containing further details of the Proposed Disposal will be published in due course.
Jonathan Glasspool, Non-Executive Chair of Bonhill, commented: “We are pleased to announce today the conditional exchange of contracts with KM Business Information US, Inc. for the sale of the business and assets of IN which is the remaining part of the Group. IN is a well-known and respected brand in the financial news and information market. We believe that KM Business Information US, Inc. is the right owner for IN and that it will be able to continue to grow the business and provide excellent service to its customers.
The Board is now committed to returning as soon as reasonably practicable substantially all of the Company’s cash to shareholders as previously announced.”
Mike Shipley, CEO of Key Media, commented: “We are excited to be acquiring such an iconic US title and to have Bonhill’s incredibly talented staff join our global team. We see a lot of opportunity for us to complement our existing global titles and grow the existing Investment News portfolio of products.
We are confident that this acquisition will be a success and that it will create a stronger and more competitive financial news and information business.”
The Proposed Disposal is expected to complete in the second quarter of 2023.
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