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INFORMA PLC

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Informa set to launch $1.6 billion sale of Citeline unit -sources

01/21/2022 | 12:34pm EDT

LONDON (Reuters) - Information services and events organiser Informa is preparing to launch an auction process to sell its clinical trial data provider Citeline in a deal that could value the business at up to 1.2 billion pounds ($1.63 billion), sources familiar with the matter told Reuters.

The London-listed firm has hired Goldman Sachs to sell the business and is expected to send out confidential information packages between the end of January and early February, the sources said, speaking on condition of anonymity.

Centerview is working with Goldman on the sale, another source said, adding that the asset generates around 75 million pounds in core earnings.

Informa, Goldman Sachs and Centerview declined to comment.

Citeline is the biggest brand of Informa Intelligence, a portfolio of data and consultancy assets that Informa is in the process of carving out.

The unit makes up an estimated 60% of Informa Intelligence's revenues and has a strong presence in the United States.

Other brands in the division include maritime data provider Lloyd's List as well as a financial data asset.

Brokers estimate the combined carve out to be valued at between 1.8 billion-2.1 billion pounds, meaning Citeline's valuation is likely to be north of 1 billion pounds.

The sale is mainly targeting heavyweight private equity funds that are expected to be more competitive than trade buyers.

The likes of KKR, Cinven, Apax, Bain, EQT, Montagu and Vitruvian are likely to be looking at the asset, the sources said.

KKR, Bain, Cinven, EQT, Montagu, and Apax declined to comment. Vitruvian did not immediately return requests for comment.

($1 = 0.7378 pounds)

(Reporting by Emma-Victoria Farr, editing by Pamela Barbaglia and Susan Fenton)

By Emma-Victoria Farr


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
INFORMA PLC 2.22% 562.8 Delayed Quote.6.47%
KKR & CO. INC. 1.04% 52.34 Delayed Quote.-30.52%
WOLTERS KLUWER 0.82% 93.52 Real-time Quote.-10.46%
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04/30INFORMA PLC : Monthly statement on outstanding equity shares and voting rights
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04/25INFORMA PLC : Security operations
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Financials
Sales 2022 2 174 M 2 710 M 2 710 M
Net income 2022 94,9 M 118 M 118 M
Net cash 2022 8,01 M 9,98 M 9,98 M
P/E ratio 2022 88,0x
Yield 2022 1,27%
Capitalization 7 942 M 9 900 M 9 900 M
EV / Sales 2022 3,65x
EV / Sales 2023 3,16x
Nbr of Employees 9 999
Free-Float 99,4%
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Number of Analysts 15
Last Close Price 550,00 GBX
Average target price 681,67 GBX
Spread / Average Target 23,9%
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Managers and Directors
Stephen Andrew Carter Non-Executive Director
Gareth Richard Wright Group Finance Director & Executive Director
John F. Rishton Chairman
Patrick Martell Chief Operating Officer & Executive Director
Helen Owers Independent Non-Executive Director
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