February 12, 2018 – Euromoney Institutional Investor PLC (“Euromoney”), the international business information and events group, today announces that it has reached a binding agreement to sell its Global Markets Intelligence Division (“GMID”), consisting of CEIC and EMIS, to a consortium of CITIC Capital Partners Management Limited (“CITIC Capital”), the private equity arm of CITIC Capital Holdings Limited, and Caixin Global Limited (“Caixin”), (“the Consortium”), for an equity value of $180.5 million.

The sale is expected to complete by the end of April 2018, to allow for a smooth transition of the business to the Consortium.  The consideration will be received in cash on completion.

Headquartered in Hong Kong, GMID is a leading provider of macro-economic, company and industry intelligence on emerging markets with a strong customer presence in China, India, Brazil and Central and Eastern Europe, as well as in developed markets.

For the year ended 30 September 2017, GMID reported an operating profit of £11.9 million ($15.1 million), as disclosed in the notes to Euromoney’s 2017 annual accounts.  GMID’s gross assets at 30 September 2017 were £45.3 million.

The sale proceeds, net of transaction costs and tax, are expected to be approximately $145 million.  This will leave Euromoney in a net cash position at completion and will provide Euromoney with further capital to recycle towards its main investment themes.

Andrew Rashbass, CEO of Euromoney, said: “This transaction is another example of Euromoney’s strategy in action: where a good business is not strategic, we will sell it and recycle capital towards our main investment themes like price discovery, asset management and telecoms.  CITIC Capital and Caixin will provide an excellent home for the business, which Aloisio Parente and the whole team have done a fantastic job developing as part of Euromoney.  I am confident that the business will thrive under its new owners.”

Yichen Zhang, Chairman and CEO of CITIC Capital, said: “We are very excited to make this investment in CEIC and EMIS, which are world-class platforms for macro-economic and business information. Together with Caixin, we look forward to working with the management team to continue growing the business and developing its global customer base.”