Euromoney Institutional Investor, the events and business information group which owns Euromoney magazine, has sold its global markets intelligence division for $180.5m (£130.5m).
The group, which has been undertaking a streamlining plan to ditch non-core businesses, successfully flogged the research business to a pairing of Citic Capital, the private equity branch of Hong Kong-headquartered investment company Citic, and Chinese media company Caixin Global.
Headquartered in Hong Kong, Euromoney's intelligence division has a strong presence in developed markets and across China, India, Brazil and central and eastern Europe.
“This transaction is another example of Euromoney’s strategy in action: where a good business is not strategic, we will sell it and recycle capital towards our main investment themes like price discovery, asset management and telecoms," said Euromoney's chief executive Andrew Rashbass.
The intelligence division includes the CEIC business, which compiles sector and financial data for economic research by economists and analysts, and Emis, which delivers company and industry information.
For the year ending September 2017, the division reported an operating profit of £11.9m and gross assets of £45.3m.
Just last November, Euromoney and private equity giant Carlyle Group sold a controlling stake in content and analytics platform Dealogic. Although Carlyle did not reveal the details of the deal, Euromoney said it would receive around $135m for its 15.5 per cent stake – more than double the $59.2m it paid in 2014.
Euromoney's shares were up slightly in early trading by 1.74 per cent on today's news, after taking a slide in January when it revealed offices of its Risi business were being investigated by European authorities.