Event organiser and publisher Future has announced the proposed acquisition of the Home Interest division of Centaur Media, for cash, at an enterprise value of £32m.
Future also announces its intention to conduct a non-pre-emptive cash placing to raise gross proceeds of £22m to part-fund the acquisition through the issue of 8,800,000 new ordinary shares at a price of 250 pence per share.
The acquisition will expand and diversify Future’s revenue streams and add ’significant scale in events’, according to a statement released by the company.
The move will bring three key brands into Future’s portfolio – Homebuilding & Renovating, Period Living nd Real Homes – which collectively comprise seven exhibitions.
Zillah Byng-Thorne, CEO of Future, commented: “Centaur’s Home Interest division will significantly add to our scale and momentum, while further diversifying our revenue streams, as we continue to build a global platform business for specialist media with data at its heart.
“The Home Interest division brings a strong management team and market leading access to an attractive new vertical with clear growth potential. Home Interest’s brands, market position, industry leading events and quality content are a strong fit and will further reinforce our position as a trusted destination for consumers and for our customers.
“We have a track record in profitably integrating acquisitions and we expect the acquisition of Centaur’s Home Interest division to be materially earnings enhancing in the first full year of ownership.”