Astorg and Epiris close Euromoney deal

The Fastmarkets division will belong to Astorg while Epiris will have majority ownership of the rest of the company.

  • The deal valued Euromoney at £1.6bn
  • Euromoney provides data and analysis and has customers in more than 160 countries
  • The company reported adjusted EBITDA for the 12 months to 31 March of £82.4m

Astorg and Epiris announced on Thursday that they have completed their acquisition of B2B information-services company Euromoney Institutional Investor.

Becketts Bidco, a new company indirectly owned by funds managed by Astorg And Epiris, bought Euromoney from shareholders at a price of £1.6 billion ($1.9 billion; €1.9 billion), or £14.61 per share.

The private equity firms will separate Euromoney. The Fastmarkets division will become a standalone business owned and controlled by Astorg. Epiris will have majority ownership and control of the remainder, Financial & Professional Services (FPS) and Asset Management.

Fastmarkets reported revenue in May of £48.5 million for the six months to 31 March 2022. FPS reported revenue of £79.8 million over the period and Asset Management £55.2 million. The overall company reported adjusted EBITDA for the 12 months to 31 March of £82.4 million.

Euromoney provides data and analysis and runs events globally. It has customers in more than 160 countries and is headquartered in London.

“Euromoney has successfully built a strong portfolio of trusted, specialist brands across its FPS and Asset Management divisions,” said Henry Elkington, chairman of FPS and Asset Management, in a statement. Elkington is also chairman of PE Hub Europe’s proprietor PEI Group. “The investment from Epiris and its experience in B2B information services will provide these brands with the support and flexibility to take advantage of the attractive growth opportunities across their end markets,” he said.

“Fastmarkets has delivered rapid growth in recent years and secured its position as the most trusted cross-commodity price reporting agency in the agriculture, forest products, metals and mining, and new generation energy markets,” said Raju Daswani, CEO of Fastmarkets, in the statement. “We will continue to focus on providing customers with benchmark prices, insights and analysis.”

Astorg is a global private equity firm with over €18 billion of assets under management and has offices in London, Paris, New York, Frankfurt, Milan and Luxembourg.

Epiris is a private equity firm based in London. It has invested £1.9 billion since 2011, including in B2B information company AXIO.

Euromoney’s board agreed to the cash offer from the private equity firms in July.

Editor’s note: this story has been updated to reflect that Henry Elkington is chairman of PEI Group, which publishes PE Hub Europe.