BRITAIN’S biggest media group Reed Elsevier will today announce the sale of a 51 per cent stake in Reed Construction Data, its North American construction information business, to US private equity fund Warburg Pincus.
The disposal comes as part of the restructuring of the FTSE 100-listed firm’s Business Information division which has seen it sell off more than 70 per cent of its underperforming businesses since 2009 including Hotfrog, Buyerzone and Totaljobs.
Reed Construction Data is understood to generate annual revenues of around $70m (£41m).
Reed will also announce the sale of RSMeans, its construction cost information tool, to the Gordian Group, a portfolio company of Warburg Pincus.
Financial terms of the two deals were not disclosed.