Euromoney agrees to sell GMID

The company has sold the business to a consortium of Hong Kong private equity firm Citic Capital and Chinese media company Caixin Global for $180.5m.

Headquartered in Hong Kong, GMID provides macro-economic, company and industry intelligence on emerging markets. It has a customer presence in China, India, Brazil and Central and Eastern Europe, and developed markets.

GMID reported an operating profit of £11.9m for the year ending September 2017.

Andrew Rashbass, chief executive of Euromoney, said: “Where a good business is not strategic, we will sell it and recycle capital towards our main investment themes like price discovery, asset management and telecoms.”

The sale is expected to complete by the end of April 2018.

Yichen Zhang, chairman and chief executive of Citic Capital, said: “Together with Caixin, we look forward to working with the management team to continue growing the business and developing its global customer base.”

Shuli Hu, publisher of Caixin Media and chairwoman of Caixin Global, said: “We will join forces together with GMID to provide indispensable data and insight for overseas and domestic financial industry professionals and stakeholders.”