Publishing company Pearson has agreed to sell the Mergermarket group to funds advised by BC Partners for £382m, with the transaction expected to be completed by the end of the first quarter of 2014. Mergermarket provides global corporate financial news, intelligence and analysis to firms in 65 different countries.
Pearson's chief executive, John Fallon, said:
Mergermarket is a world class financial information business, with a highly professional and talented team, and we wish them every future success. The company has flourished under Pearson's ownership but it is not part of Pearson's strategy in global education. The transaction provides us with additional financial capacity to accelerate our push into digital learning, educational services and emerging markets.
The company was acquired by Pearson in 2006 for £101m plus a subsequent earn-out. During the time of Pearson's ownership the company grew significantly. In the 12 months to 31 December Mergermarket reported revenues of £100 million and profit before tax of £23 million.