Acquisition

RNS Number:0916U
Euromoney Institutional InvestorPLC
11 January 2004



                   EUROMONEY INSTITUTIONAL INVESTOR PLC


                     LONDON STOCK EXCHANGE ANNOUNCEMENT

                             and PRESS RELEASE



                                                                January 11, 2004

                  For release before 08.00 hours London time on January 12, 2004


Euromoney Institutional Investor PLC to acquire Information Management Network

Euromoney Institutional Investor PLC ("Euromoney") has today agreed to acquire
an 80% interest in Information Management Network ("IMN"), the New York-based
financial conference organizer.

The initial cash consideration will be approximately $29 million with three
further payments to be made in 2005, 2006 and 2007.  Each of these payments is
variable and will be determined by the audited profits of IMN in the preceding
year.  The remaining 20% interest in IMN is subject to put and call options
exercisable in 2008 or thereafter.  Payment for this 20% interest will be
determined by the average profits of IMN for the relevant profit period*.  For
illustration, if IMN achieves 10% annual compound profit growth over the period
to December 31, 2008, and the put option is exercised in 2008, the total
acquisition price will be approximately $65 million with approximate payments
made as follows: 2005 - $6 million; 2006 - $6.5 million; 2007 - $7 million; 2009
- $16.5 million.  The maximum acquisition price payable for 100% of IMN is $100
million.

The initial cash consideration will be based on IMN's audited profits for the
year ended December 31, 2003.  The audit is expected to be completed by the end
of February, 2004, after which the transaction will complete.  The initial cash
consideration will be financed from Euromoney's existing multi-currency
revolving credit facility.  The acquisition is expected to be earnings enhancing
for Euromoney for its financial year ending September 30, 2004.

For the year to December 31, 2003, IMN's unaudited revenues were $20 million and
unaudited adjusted pre-tax profits** were $7.8 million.  At December 31, 2003,
IMN's unaudited net assets were approximately $150,000, including cash of $2.1
million.  The initial cash consideration will be subject to a purchase price
adjustment to the extent the net assets of IMN at completion are not equal to
zero.

IMN was established 10 years ago to offer educational conferences of the highest
quality for the global investment community.  It now organizes some 70
conferences around the world each year.  IMN is privately owned and its senior
management team - Dr. Frank Fabozzi, well-known author of finance books and a
frequent lecturer in the finance sector, and three experienced conference
organizers, Scott Brody, Eliot Jacobowitz and Todd Middlebrook - will all remain
executives in the business post-completion.

IMN's conferences concentrate on the financial sector and are part sponsored and
part paid delegate.  Many of its events are large, profitable, must-attend
annual conferences.  IMN does not compete directly with Euromoney in any
significant areas.

"We are delighted to have bought Information Management Network and to be
receiving the continuing support of IMN's senior management team," said
Euromoney Chairman Padraic Fallon.  "The fit between Euromoney Institutional
Investor and IMN is excellent: the acquisition brings together two of the
strongest names in international financial conferences.  We complement each
other well, with very little overlap in our activities."

"IMN has developed a world-class reputation in events covering securitization,
investment management, indexing and real estate finance.  We look forward to
working with IMN to develop these events further and to launch more
international events in similar fields."

Commenting on the acquisition, Frank Fabozzi, Principal of IMN, said: "We are
excited about working with Euromoney to enhance our position as a global
financial conference leader. The collection of assets between our companies will
allow us to strengthen our events and launch new events to serve the finance
sector."

* For the put option, the relevant profit period is the two financial years
immediately before and after the exercise of the option.  For the call option,
it is the two financial years preceding the exercise of the option.

**Adjusted pre-tax profits of IMN are stated after deducting a market-based
estimate of salaries payable to the owner-managers of the business.  The profits
to be used for the purposes of future earn-out payments will be calculated on
the same basis.

Ends

Note to editors: Euromoney Institutional Investor PLC is officially listed on
the London Stock Exchange and is a member of FTSE 250 share index.  It publishes
around 80 business-to-business titles including Euromoney and Institutional
Investor.  In addition, the company runs conferences and training courses,
databases, electronic and other print publishing businesses in a variety of
markets internationally. It acquired HedgeFund Intelligence, the leading hedge
fund publisher and event organizer, in August 2003.

IMN's Principal, Dr. Frank Fabozzi, has helped shape current investment
management practices with lectures, books and events. He has produced several
standard reference works including The Handbook of Fixed-Income Securities and
The Handbook of Mortgage-Backed Securities. Additionally, he has written and
edited over 90 other books, and he is editor of Institutional Investor's leading
Journal of Portfolio Management.  IMN was represented in this transaction by The
Jordan, Edmiston Group, Inc., a New York-based investment bank.

For further information, please contact:

1)      Padraic Fallon, Chairman and Editor-in-Chief, Euromoney Institutional
        Investor PLC:

        London [phone]. Email: [e-mail]

2)      Richard Ensor, Managing Director, Euromoney Institutional Investor PLC:

        London [phone]. Email: [e-mail]

3)      Colin Jones, Finance Director, Euromoney Institutional Investor PLC:

        New York [phone]. Email: [e-mail]

4)      Christopher Fordham, Development Director, Euromoney Institutional
        Investor PLC:

        London [phone]. Email: [e-mail]




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            The company news service from the London Stock Exchange
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