British business-information company Euromoney has sold its Global Markets Intelligence Division (GMID) to Chinese private equity firm CITIC capital partners and financial news outlet Caixin Global for $180.5 million, Reuters reported on Monday.
Euromoney has said that it will use $145 million of the capital raised to invest in its pricing, asset management, and telecoms services.
The deal is the biggest to-date offshore deal signed by a mainstream Chinese media company. Caixin said on its website that it will use the GMID function as it “aspires to build up a global news and information platform to rival similar offerings from companies like Bloomberg, Thomson Reuters and the Economist.”
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