Thursday, Bloomsbury Publishing Plc (BMY.L) said it has entered into an agreement to acquire Oxford International Publishers Ltd., trading as Berg Publishers, for an initial consideration of GBP 2.0 million, which is to be paid in cash and shares.
The acquisition envisages payment of GBP 1.8 million in cash and issue of GBP 199,245 worth of ordinary shares in Bloomsbury. Bloomsbury noted that there would also be deferred consideration based on the average revenues for the Berg Fashion Library element of the business in 2014 and 2015 up to a maximum of GBP 1.0 million.
Berg Publishers is an academic publishing company with a particular focus on books and journals for the academic student market in the fields of fashion, design and culture studies. In fiscal 2007, it reported revenues of GBP 1.58 million. Kathryn Earle, who joined the company in 1993, is leading the business. Kathryn will continue to manage the company even after acquisition.
Commenting on the acquisition, Nigel Newton, chief executive of Bloomsbury, stated, "The acquisition of Berg is an important element in our strategy to increase our presence in academic publishing and take advantage of a market that is already benefiting from electronic delivery and print-on-demand. The acquisition of the very fine company that is Berg follows Bloomsbury's announcement on September 5th of the launch of Bloomsbury Academic, headed by Frances Pinter, which will publish academic books in the fields of the humanities and social sciences."
BMY.L is currently trading at 170 pence, down 0.25 pence or 0.15%.
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