Business
Acquisition of MEED Media FZ LLC
Acquisition of MEED Media FZ LLC.
About this update from Globaldata Plc
[{"type":"text","content":"\n \nRNS Number : 8540Y GlobalData PLC 08 December 2017 \n\n \n8 December 2017\nGlobalData Plc (the \"Group\")\nAcquisition of MEED Media FZ LLC\n \nGlobalData Plc is pleased to announce its agreement to acquire MEED Media FZ LLC (\"MEED\") from Ascential PLC for a cash consideration of $17.5m. MEED provides premium business information content with an industry focus on infrastructure and projects in the Middle East. The business services its growing client base principally through annual subscription contracts. \n \nBackground to the Acquisition \nThe acquisition of MEED supports the Group's strategy of expanding its premium subscription based services into global markets and adds a further vertical industry to the Group's offering. MEED has quality proprietary content and brings deep regional and sector expertise to the Group.\n \nFor the financial year ended 31 December 2016, the revenues for MEED were $18.7m with an EBITDA of $1.7m and it had net liabilities of $1.7m, largely as a result of its deferred revenues. The cash consideration will be financed using the Group's existing bank facilities and the acquisition is expected to be earnings accretive in the first year of ownership.\n \nCommenting on the acquisition Bernard Cragg, Executive Chairman, said: \n \n\"MEED gives the Group the opportunity to further expand into a key region and adds an additional industry vertical to our offering...