Euromoney Publications subsidiary sells two US businesses

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Thursday 27 November 1997

Euromoney Publications PLC ("Euromoney") announces that its subsidiary, Institutional Investor, Inc., has sold its bank credit analysis database business to Thomson Bankwatch, Inc., a Delaware corporation, in an asset purchase transaction, for a cash consideration of USD 4,500,000 (GBP 2,662,713).

Bankstat, which was acquired by Institutional Investor, Inc. from Bankers Trust in 1993, provides bank credit analysis.

For the year ended September 30, 1997 Bankstat contributed an unaudited loss before general overheads of USD 721,000 (GBP 426,627) on sales of USD 3,910,000 (GBP 2,313,600). The business had unaudited net liabilities at that date of USD 828,000 (GBP 490,000). For the year ended September 30, 1996 Bankstat contributed an unaudited profit before general overheads of USD 86,700 (GBP 51,300) on sales of USD 3,457,000 (GBP 2,045,600).

Euromoney believes that Bankstat is not a core business of Institutional Investor, Inc. and plans to apply the sale proceeds to reduce debt recently taken on to finance the acquisition of Institutional Investor, Inc.

In addition, Euromoney also announces that Institutional Investor, Inc. has sold its SELL!NG newsletter business to the Dartnell Corporation, a Chicago based company, in an asset purchase transaction, for a cash consideration of USD 100,000 (GBP 59,172).

SELL!NG was launched in August, 1993 as a magazine dedicated to servicing the needs of sales professionals.