Providence Equity to buy corporate training businesses for $180M

Informa PLC announced Friday that the group has signed a definitive agreement to sell its five corporate training businesses to Providence Equity Partners for a total consideration of up to $180 million. More

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Providence Equity to buy corporate training businesses for $180M

PROVIDENCE EQUITY PARTNERS has signed a definitive agreement with Informa PLC to purchase the group's five corporate training businesses for up to $180 million.
Posted 7/19/13

PROVIDENCE — Informa PLC announced Friday that the group has signed a definitive agreement to sell its five corporate training businesses to Providence Equity Partners for a total consideration of up to $180 million.

“The disposal of our corporate training businesses creates a more focused, higher growth, higher margin events division with more visible and predictable revenue streams, enhancing the underlying quality of group earnings,” Peter Rigby, CEO at Informa, said in prepared remarks.

A $65 million vendor loan and $100 million in cash, net of indebtedness and working capital adjustments on completion, comprise the initial consideration of $165 million. The cash portion of the consideration will be used by Informa to first reduce net debt, according to a release. The group will receive an additional cash payment of up to $15 million in 2014 if businesses achieve a certain level of revenue by 2013.

“The disposal is in line with Informa’s stated strategy to focus on high quality subscription assets, resilient events and businesses with strong digital and emerging market prospects,” the group said in a release.

The disposal is subject to customary regulatory approvals. Informa expects the disposal to complete in the third quarter of 2013.

“I would like to take this opportunity to thank all of our colleagues within corporate training who have worked so diligently and intelligently to develop the businesses through a highly challenging economic period. I believe Providence, with a significant investment already in the education sector, will be an excellent home for the businesses,” Rigby said in a statement.

Informa is an academic publishing, business information and events group based in Switzerland. Moelis & Co. is acting as Informa’s financial advisor.

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