Euromoney £1.7bn private equity buyout completes

Euromoney £1.7bn private equity buyout completes

A £1.7bn private equity buyout of Euromoney has completed, with a split in the company now due to begin.

Euromoney Institutional Investor PLC chief executive Andrew Rashbass is stepping down as a result of the takeover, effective from Friday. He said in a statement it had been a “privilege to work at Euromoney during a period of great change” and that he wishes the company and its new owners “continued success”.

The deal, announced in July, was approved by shareholders on 8 September and has since received regulatory approval. Euromoney will delist from the London Stock Exchange on Friday (25 November).

The two new private equity owners, Epiris and Astorg, will now begin the process of dividing the company between them.

The Fastmarkets division – worth the majority of the £1.66bn purchase price – will come under Astorg while the rest of the company, largely the asset management and financial and professional services divisions, will initially be dubbed New Euromoney as a holding name under Epiris.