Euromoney Institutional Investor is selling off its energy industry publishing assets.
Part of a greater and ongoing strategy to shed non-core businesses, the London-based financial publisher announced the sale of Houston-based subsidiary Gulf Publishing Company and London-based title Petroleum Economist to a consortium led by Gulf CEO, John Royall, and investor Russell Denson for $18 million, effective April 30.
"In line with our strategy, we are selling these businesses because they are not core for us," said Euromoney CEO, Andrew Rashbass, in a statement. "We believe the new owners, with their base in Houston, Texas, are better positioned to develop these businesses."
Euromoney acquired Gulf, publisher of monthlies World Oil and Hydrocarbon Processing, in 1989, before adding Petroleum Economist to its portfolio in 2001.
A partially-owned subsidiary of the Daily Mail and General Trust, controlled by Jonathan Harmsworth, the 4th Viscount Rothermere, Euromoney saw its share price on the London Stock Exchange hit a 52-week low on Tuesday, down 12.11 percent since September. That downward trend may be poised for a reversal, however, with four out of five analysts giving Euromoney a "buy" rating.
"Euromoney has been a great home to these businesses," added Royall. "We and our partners look forward to building an independent and innovative media company that will take advantage of opportunities in the global energy industry."