Euromoney sells energy publishing businesses

Euromoney Institutional Investor announced its intention to sell its energy publishing businesses on Friday, for a total cash consideration of $18m.

The FTSE 250 firm said it had entered into an agreement to sell Gulf Publishing Company in Houston and Petroleum Economist in London to a consortium led by Gulf’s CEO John Royall and media investor Russell Denson.

It had owned Petroleum Economist since 1989 and Gulf since 2001. The transaction was expected to close on 30 April.

“In line with our strategy, we are selling these businesses because they are not core for us,” said Euromoney CEO Andrew Rashbass.

“We believe the new owners, with their base in Houston, Texas, are better positioned to develop these businesses. John Royall has been a valued and respected colleague at Euromoney. I have no doubt he will continue to show outstanding leadership of these businesses under their new ownership."

The company’s board said the transaction was in line with the strategy presented at its recent Investor Day, including actively managing its portfolio of assets and seeking to sell certain businesses which do not align with its strategy.

“Euromoney has been a great home to these businesses,” John Royall said.

“We and our partners look forward to building an independent and innovative media company that will take advantage of opportunities in the global energy industry."