Euromoney acquisition

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Wednesday 16 July 1997

Euromoney Publications PLC ["Euromoney"], a 72.5% owned subsidiary of DMGT, has today announced the acquisition for US$142 million [£84 million] of all the issued share capital of Institutional Investor, Inc. ["II"], subject to the approval of Euromoney's shareholders at an Extraordinary General Meeting. Associated Newspapers Holdings Limited, a wholly owned subsidiary of DMGT, has given an irrevocable undertaking to vote its 72.5% interest in favour of the resolution to be put to that meeting.

II is a leading publisher of financial magazines and related activities including newsletters, journals and conferences. From unaudited management accounts information for the year ended 31 December 1996, II made an operating profit of US$2.5 million [£1.5 million] on sales of US$69 million [£41 million] and at that date had net liabilities of US$15 million [£9 million].

The purchase will be financed by means of bank loans arranged by Euromoney.

The acquisition of II adds to Euromoney another of the leading brand names in international financial publishing and gives Euromoney a much greater presence in the US financial publishing sector.

Inquiries : Peter Williams 0171 938 6000