Ascential PLC Sale of Glenigan for GBP72.9m (6758I)
15 December 2020 - 6:00PM
UK Regulatory
TIDMASCL
RNS Number : 6758I
Ascential PLC
15 December 2020
THE INFORMATION CONTAINED WITHIN THIS ANNOUNCEMENT IS DEEMED TO
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REGULATIONS.
15 December 2020
Ascential plc
Sale of Glenigan for GBP72.9m
Ascential plc (LSE: ASCL.L), the specialist information, data
and analytics company, today announces that it has entered into an
agreement to sell Glenigan, a brand within the Built Environment
& Policy segment, to Byggfakta Group, for GBP72.9m in cash.
Completion is expected in Q1 2021 subject to an EU competition
clearance required by the buyer.
As previously indicated, the nature of Glenigan's business is
not aligned with Ascential's strategic priorities. This disposal
will allow capital to be allocated to core areas of the Company and
in particular, the fast growing Digital Commerce segment, including
organic investments and potential M&A opportunities.
In the financial year ended 31 December 2019, Glenigan generated
revenues of GBP12.2m and Adjusted EBITDA before allocation of
central costs of GBP6.8m. Following the disposal, central costs
allocated to this business amounting to approximately GBP1.5m in
2019, will be mitigated through transitional services agreements
and cost savings over the coming year. The gross assets of Glenigan
as at 30 June 2020 were GBP7.1m*.
Duncan Painter, Chief Executive Officer of Ascential, said:
"We are delighted that Glenigan has found a good home. The sale
is a step forward for Ascential and our customers as our strategic
focus and investments can be further concentrated on our core
customer proposition: enabling our customers to design and create
the right products, maximising their marketing impact and
optimising their digital commerce performance."
*In addition, as at 30 June 2020, Ascential held GBP24.1m of
acquired goodwill and intangible assets arising on consolidation in
relation to the Glenigan business.
Contacts
Ascential plc
+44 (0)20 7516
Duncan Painter Chief Executive Officer 5000
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Mandy Gradden Chief Financial Officer
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Rory Elliott Investor Relations
Director
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Media enquiries
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Edward Bridges, Matt Dixon, +44 (0)20 3727
Jamie Ricketts FTI Consulting LLP 1017
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Ascential were advised by Raymond James on this transaction.
About Ascential
Ascential is a specialist information, data and analytics
company that helps the world's most ambitious businesses win in the
digital economy. Our information, insights, connections, data and
digital tools solve customer problems in four principal
disciplines:
-- Digital Commerce via data, analytics and managed services
brands Flywheel Digital, Yimian and Edge;
-- Product Design via global trend forecasting service WGSN;
-- Marketing via global benchmarks for creative excellence and
effectiveness, Lions and WARC, and MediaLink; and
-- Retail & Financial Services, including the world's
premier payments and FinTech congress Money20/20 and events, data
and tools for retailers.
Ascential also owns three digital information products in the
Built Environment and Policy sector.
About Byggfakta Group
Byggfakta Group (formerly known as DOCUnordic) is the leading
provider of business intelligence, data analytics services, and
tendering software to the construction, real estate and healthcare
markets across the Nordic, Iberian and DACH regions. Byggfakta
Group has around 700 employees working from offices in Sweden,
Denmark, Norway, Finland, Switzerland, Czech Republic, Portugal and
Spain and is a portfolio company of Stirling Square Capital
Partners and TA Associates.
Additional information can be found at
https://byggfaktagroup.com
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