Publishing group Highbury House Communications says it has successfully completed the acquisition of a portfolio of business titles from Reed Business Information.
The RBI Portfolio consists of ten titles in the electrical, transport and retail sectors and generated revenues of approximately £9 million and a profit contribution of approximately £0.8 million in the year ended 31 December 2000.
Highbury will pay Reed Elsevier a maximum of £4.85 million, £4.5 million of which was paid on completion (£3.4 million in cash and £1.1 million by the assumption of deferred subscription liabilities). A further consideration of up to £0.35 million may become payable in May 2003.
Stock in Highbury House was up 1½p at 44p by mid-afternoon today.
