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The Economist Group acquires EuroFinance Conferences
The Economist Group, publisher of The Economist and CFO magazine, announced today that it will acquire EuroFinance Conferences Ltd. EuroFinance is a leader in global and regional cash and treasury management events for senior finance professionals-an audience that The Economist Group already targets through its CFO (Chief Financial Officer) brand around the world.
The Economist Group's strategy is to invest in media brands for senior business people and decision-makers world-wide. The acquisition of EuroFinance is an excellent fit. Established in 1994 by Caroline Bond, EuroFinance has developed a world-class reputation and leadership position in the cash and treasury management market, running over 20 conferences a year globally as well as an international training division. The Economist Group will add value to EuroFinance's existing business by using its print and electronic capabilities to develop the brand and by capitalising on its relationships with business decision-makers. EuroFinance Conferences was acquired for £9.5m in cash with a deferred payment of up to £2.5m based on the performance of the business.
EuroFinance will become part of The Economist Group's CFO stable (which includes CFO magazine in the US, CFO Europe, CFO Asia, CFO China, CFO Enterprises and CFO.com) and its managing director will report to Andrew Altmann, International Publisher, CFO Europe, Asia and China.
"We are delighted to have acquired EuroFinance Conferences and look forward to growing our presence in this important market", said Helen Alexander, Chief Executive of The Economist Group. "The fit between the Group and EuroFinance is very good: the acquisition brings together CFO, our magazine and events business for senior financial executives, and one of the most respected names in cash and treasury management events. We complement each other well, with very little overlap in our activities. We look forward to welcoming the excellent team from EuroFinance to the Group."
Commenting on the acquisition, Caroline Bond, the outgoing managing director of EuroFinance Conferences, said: "I am pleased that EuroFinance is being acquired by The Economist Group. The high regard in which the Group is held around the world, both for its editorial and its commercial know-how, means that it is ideally placed to help the business develop its core offerings and to add new, complementary products so that we can substantially enhance the service we offer clients and delegates. We look forward to working together to develop further our outstanding content, events and training around the world."
(January 25th 2006)
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