Media group Informa sells its corporate training units to Providence Equity

London-listed publishing and events group Informa plc (LON:INF) on Friday said it had agreed a deal worth up to USD180m (EUR137m) to sell its five corporate training businesses to Providence Equity Partners.

The price comprises an initial payment of USD165m to be covered with USD100m cash and a USD65m vendor loan, as well as a further consideration of up to USD15m based on revenue targets, the vendor said.

The move is part of Informa’s strategy to focus on high quality subscription assets, resilient events and operations with strong digital and emerging market prospects, it said, adding it could use part, or all of the proceeds from the sale on investments in core growth areas.

The activities to be sold generated revenues of some USD194m and adjusted EBITDA of USD23.5m last year, with gross assets worth USD358.8m as at 31 December 2012.

The transaction, subject to regulatory clearances, is expected to wrap up in the third quarter.

Informa is advised by Moelis & Company.