The private equity firm Apax is understood to be favourite to buy Emap’s business-to-business publishing business as bidding moves to the second round.
According to a report in the Guardian, two other private equity houses, Providence and Permira, are rumoured to have made a joint bid in the second round.
Emap’s business publishing division is valued at between £1.2 billion and £1.4 billion.
Last month, Emap reported that pre-tax profit in the six months to the end of September fell 16% year on year to £80 million while revenues were down 1% on an underlying basis to £386 million.
However, Emap executive chairman Alan Cathcart said the company was “on track” to deliver against expectations for the full year (see Emap’s Pre-Tax Profits Drop 16%).