Highbury House has agreed to buy Nexus Media for £40m in a deal which will create one of the largest independent magazine groups in the country. Highbury, which publishes trade and consumer titles, will raise £37.2m through an 11 for 20 rights issue at 60p a share to fund the deal.
Shares in Highbury were suspended a few weeks ago with the anticipation of a substantial acquisition (see Sharewatch), and will resume trading today. The group, which publishes CNN Traveller and Sports Illustrated Swimsuit, will increase its portfolio to 150 titles.
Chief executive Ian Fletcher said the publishers were highly compatible and that the acquisition would push the development of the group’s internet, database marketing and event organising activities.
Highbury House Communications: 020 7226 2222
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