GlobalData PLC Acquisition of MEED Media FZ LLC (8540Y)

TIDMDATA

RNS Number : 8540Y

GlobalData PLC

08 December 2017

8 December 2017

GlobalData Plc (the "Group")

Acquisition of MEED Media FZ LLC

GlobalData Plc is pleased to announce its agreement to acquire MEED Media FZ LLC ("MEED") from Ascential PLC for a cash consideration of $17.5m. MEED provides premium business information content with an industry focus on infrastructure and projects in the Middle East. The business services its growing client base principally through annual subscription contracts.

Background to the Acquisition

The acquisition of MEED supports the Group's strategy of expanding its premium subscription based services into global markets and adds a further vertical industry to the Group's offering. MEED has quality proprietary content and brings deep regional and sector expertise to the Group.

For the financial year ended 31 December 2016, the revenues for MEED were $18.7m with an EBITDA of $1.7m and it had net liabilities of $1.7m, largely as a result of its deferred revenues. The cash consideration will be financed using the Group's existing bank facilities and the acquisition is expected to be earnings accretive in the first year of ownership.

Commenting on the acquisition Bernard Cragg, Executive Chairman, said:

"MEED gives the Group the opportunity to further expand into a key region and adds an additional industry vertical to our offering whilst maintaining our disciplined investment criteria of premium proprietary content and strong renewable subscription based revenues.

I would like to take this opportunity to welcome our new colleagues to the Group and wish them every success for the future within GlobalData."

About GlobalData Plc

4,000 of the world's largest companies make better and more timely decisions thanks to our unique data, expert analysis and innovative solutions delivered through a single platform.

At GlobalData, our mission is to help our clients decode the future to be more successful and innovative.

We are now one of the largest data and insights solution providers in the world.

 
 ENQUIRIES 
 
  GlobalData Plc                        0207 936 6400 
 Mike Danson, Chief Executive 
 Bernard Cragg, Executive Chairman 
 
 N+1 Singer                           0207 496 3000 
 James Maxwell 
 James White 
 
 Hudson Sandler                       0207 796 4133 
 Nick Lyon 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

ACQBXBDDCXGBGRI

(END) Dow Jones Newswires

December 08, 2017 08:45 ET (13:45 GMT)