Private equity giant Carlyle Group and financial media firm Euromoney Institutional Investor have sold a controlling stake in content and analytics platform Dealogic, generating a hefty return.
Although Carlyle did not reveal the details of the deal, Euromoney said it will receive around $135m for its 15.5 per cent stake – more than double the $59.2m it paid in 2014.
Dublin-based fintech firm Ion Investment Group will now hold a majority stake, while Carlyle and Dealogic's management will retain a “significant” interest.
Euromoney's chief executive, Andrew Rashbass, said the sale was in line with the company's strategy of “selling businesses which do not align with its strategy and recycling that capital to invest in our main investment themes like price discovery, post trade activities, asset management and telecoms”.
Andrew Pignataro, Ion's chief executive and founder, added: “Together [with Dealogic] we will be able to accelerate the digitisation and automation of capital markets and introduce innovations to how financial institutions, investors and issuers conduct their business.”
Carlyle also holds a minority stake in Ion, having acquired part of US private equity firm TA Associates' stake last year.
Euromoney Institutional Investor, the listed company which publishes Euromoney magazine, has also released a preliminary statement on its full-year results this morning.
It reported a four per cent rise in profits year on year, to £106.5m, and a six per cent jump in revenue to £428.4m. The final dividend leapt 33 per cent to 21.8p.
Shares in Euromoney, which is 49.1 per cent-owned by the Daily Mail & General Trust, rose by more than four per cent in early morning trading.