Emap Sells B-2-B to GMG

Emap has sold its B-2-B magazine and exhibitions business to a joint venture between Guardian Media Group (GMG) and private equity firm Apax Partners.

The £1 billion ($1.98 billion) sale comes soon after the £1.14 billion deal for its consumer magazine and radio assets to Bauer in December 2007 (see H Bauer Buys Emap’s Magazine And Radio Divisions).

Emap’s executive chairman Alun Cathcart said the offer was a “compelling opportunity” for shareholders, who will receive around £2 billion in total from the break-up of the business.

The B-2-B sale effectively signals the end of the publicly listed group, which was formed in 1947 as a regional newspaper group. In recent times it has struggled to compete with rival publishers in a weak advertising market as well as from competition from the internet.

2007 was tumultuous year for Emap, with chief executive, Tom Moloney, leaving after 26 years “by mutual agreement” in May. Alun Cathcart has been running the company since his departure. Emap began selling its assets in the summer following a review of the business. In November, the firm posted a 16% fall in underlying pre-tax profits to £80 million for the half-year to 30 September.

Emap: 01733 568 900 www.emap.co.uk