Global investment group Investcorp has signed an agreement to purchase Thomson Media for $350 million in cash.
The deal is expected to close prior to the end of the year, subject to regulatory approvals and other customary closing conditions. Upon close of the transaction, Jim Malkin will continue as chief executive officer of Thomson Media.
Thomson Media's publications focus on the banking, financial services and related technology markets and include WebCPA.com, Accounting Technology, Accounting Today, Practical Accountant, American Banker, The Bond Buyer, National Mortgage News and Financial Planning. Thomson Media had 2003 revenues of approximately $170 million.
"Following a rigorous and thorough sales process, we believe that the Investcorp offer represents the best value for our shareholders and the best home for our Thomson Media business," said Robert D. Daleo, chief financial officer of The Thomson Corp. "We are very pleased with the terms of the deal."
Morgan Stanley served as financial advisor for Thomson on the sale.
Investcorp has offices in New York, London and Bahrain.
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