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Euromoney Institutional Investor (ERM) has announced the acquisition of BoardEx and The Deal for $87.3m in cash from The Street, representing 3.5x FY18 revenues. Completion is expected in early 2019, at which point we will update our forecasts. BoardEx and The Deal fit neatly alongside elements of ERM’s existing specialist information, banking and financial operations, with overlap in the customer base and similarly strong subscription bases and retention rates. Management anticipates the deal will be earnings enhancing in the first year. Net cash at end-September was £78.3m and £20m of disposal proceeds was received in October, leaving plenty of resource for further deals.

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