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INF Informa Plc

831.20
-6.20 (-0.74%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Informa Plc LSE:INF London Ordinary Share GB00BMJ6DW54 ORD 0.1P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -6.20 -0.74% 831.20 834.80 835.20 840.40 832.00 839.40 4,688,605 16:35:02
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Periodical:pubg,pubg & Print 3.28B 419M 0.2986 27.96 11.71B

Informa PLC Market update on Financial Intelligence (5138W)

26/04/2021 7:00am

UK Regulatory


Informa (LSE:INF)
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From Mar 2021 to Mar 2024

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TIDMINF

RNS Number : 5138W

Informa PLC

26 April 2021

 
Informa LEI: 5493006VM2LKUPSEDU20 
 

Informa PLC Press Release

26 April 2021

Market update on Financial Intelligence

Following the announcement within Informa's 2020 Full Year Results that it was pursuing an opportunity in the Financial Intelligence market, the Group is today confirming the agreement has been signed.

The agreement sees Informa combining its existing FBX business with Novantas. FBX is part of the Financial Intelligence portfolio within Informa Intelligence and provides quantitative and qualitative competitive intelligence solutions for US retail banks, with particular strength in the mortgage market. Novantas provides quantitative and qualitative competitive intelligence solutions for US retail banks, with particular strength in the deposits market. This combination seeks to create a leading competitive intelligence and specialist data business serving the retail banking markets.

The agreement is structured as an acquisition of Novantas on a cash and debt free basis by Informa and mid-market private equity firm, Inflexion, with Informa contributing its FBX business as consideration, whose assets have a fair value of $243m. At the date of acquisition, Informa will own 57% of the combined business and it will therefore be fully consolidated for reporting purposes. The transaction involves no cash contribution from Informa, nor any deferred or contingent consideration.

Completion is expected by the end of June 2021, subject to customary regulatory approvals.

 
Enquiries 
Stephen A. Carter, Group Chief Executive   +44 (0) 20 7017 5771 
Gareth Wright, Group Finance Director      +44 (0) 20 7017 7096 
Richard Menzies-Gow, Director of IR 
 & Communications                          +44 (0) 20 3377 3445 
Tim Burt / Zoe Watt - Teneo                +44 (0) 20 7240 2486 
-----------------------------------------  -------------------- 
 

Notes to Editors

The Agreement

The assets and profits of FBX and Novantas will be combined in a partnership agreement, subject to finalisation of terms and documentation. For the year ended 31 December 2020, the FBX business reported $8.5m of profit before tax, and at 31 December 2020, the gross assets of FBX were $50m. For the year ended 31 December 2020, Novantas is expected to report $9.6m of profit before tax and at 31 December 2020, the gross assets of Novantas, excluding cash were $37m.

The relative scale of the transaction means it is not expected to have any material impact on the Group's earnings per share in 2021.

Equity in the combined business is in the form of preference shares and common stock shares. Beyond Informa's majority shareholding of common stock, at the point of acquisition Inflexion and Novantas shareholders will also hold significant minority stakes in the combined business.

Informa's interest in the partnership is expected to be retained, subject to customary exit rights of the other shareholders on agreed terms and conditions. There are exit rights for all parties, applicable from the sixth year, that will be based on the prevailing market value. As this is neither pre-determined nor subject to a cap, the agreement is deemed to be a Class 2 transaction under UK Listing Rules.

Informa PLC

Informa is a leading international Information Services, Advanced Knowledge, Exhibitions and Events Group. It helps commercial, professional and academic communities work smarter and make better decisions faster, through specialist content and intelligence, and opportunities to connect and learn. For more information, please visit www.informa.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

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(END) Dow Jones Newswires

April 26, 2021 02:00 ET (06:00 GMT)

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