Events and academic publishing group Informa (INF) is cementing its footprint in the US by acquiring Hanley Wood Exhibitions for £237m in cash. The deal will add 17 construction and real estate shows to its portfolio, including World of Concrete and Greenbuild.
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Informa funded the purchase through the placing of 45m shares, which netted it £207m in gross proceeds, less than the £275m initially targeted. It expects to end the calendar year with net debt at less than 2.5 times its cash profits. The group is also weighing options for the consumer information and forecasting segment of its struggling business intelligence division.
Broker Numis forecasts pre-tax profits of £310m, giving EPS of 40.5p, falling to £305m and 39.8p in 2015.
