Progressive to Acquire GlobalData for £66.5m
UK-based business media and insight group Progressive Digital Media has conditionally agreed to acquire healthcare business information provider GlobalData from its owners Mike Danson and Wayne Lloyd for approximately £66.5m.
Progressive said last week that it was in advanced discussions to buy GlobalData, which has a team of more than 1,000 researchers, market analysts and consultants, who provide energy and healthcare industry insight, market forecasts and analysis on the latest industry trends and developments. The deal will be financed through the transfer of more than 26 million new ordinary shares, based on the closing price of 255 pence per existing share.
At the same time, Progressive has announced that its subsidiary PDMH has conditionally agreed to dispose of the entire issued share capital of PTML (a company which holds Progressive's non-core B2B assets) to Research Views Limited, which is controlled by Danson and Lloyd. This second deal will comprise a nominal £1 sale, together with an inter-company loan of £4.5m owing by PTML to PDMH. Completion of the acquisition and disposal is conditional upon, among other things, approval by shareholders at a company meeting to be held on 19 January.
Assuming the deals go ahead, Progressive will be renamed GlobalData, Danson will become CEO, current CEO Simon Pyper will become CFO, and Lloyd will become MD of the group's US operations, with specific responsibility for GlobalData's Healthcare business. Bernard Cragg, currently Progressive's senior NED, will be appointed as Chairman. Commenting on the news, Cragg, stated: 'These transactions represent a major step in our strategy to transform Progressive Digital Media into a leading player in three key global business information verticals: consumer, information communications technology and healthcare. The market outlook for business information is encouraging, presenting the company with real and achievable opportunities for profitable growth.'
Web sites: www.progressivedigitalmedia.com and www.globaldata.com .