INATIONAL publishing and events company Informa yesterday announced a share sale to fund the £237m acquisition of American trade show firm Hanley Wood Exhibitions.
The London-based Informa said it was to place 60.4m new shares – accounting for 10 per cent of its capital – with both existing and new institutional investors. It said the share placing would raise approximately £275m and the net proceeds would be used to pay down existing debt facilities, “effectively funding in full the acquisition of Hanley Wood Exhibitions”.
The Texas-based Hanley specialises in the real estate and construction industries and is forecast to record revenues of £41.3m and adjusted earnings of £21m for the financial year ending in March.
Chief executive Stephen A. Carter commented: “We are pleased to be announcing today’s acquisition in the strategically important US exhibitions market, as well as ongoing portfolio management in our business intelligence division and additional funding.”
BAML and Barclays are serving as joint bookrunners on the placing.