Publisher Reed Elsevier is bolstering its financial data business by buying US-based Accuity for £343m.
The firm says it will combine Accuity with its Bankers’ Almanac and LexisNexis Risk Solutions businesses. It has agreed to acquire the online subscription data provider from Bahrain-listed investment manager Investcorp.
Mark Kelsey, chief executive of Reed’s business information unit, said Bankers’ Almanac and Accuity were highly complementary.
He said: “The combination of the two companies will enable us to offer customers much more comprehensive products and services to meet their developing needs.”
Reed Elsevier said the cash deal, which was expected to close in the fourth quarter, would add to its adjusted earnings from the outset.
The firm rose 2.2 per cent yesterday despite a negative note from Espirito Santo, which said the acquisition “seems to take Reed further away from front office business and into a more crowded, less proprietary field.”
It posted better than expected first-half results after seeing a revival in subscriptions to its scientific and health publications.
The LexisNexis Risk Solutions business intelligence arm saw six per cent profit growth. A spokesman for Reed Elsevier said the firm did not use any banks to oversee the deal.