Certainly not in the Google-DoubleClick range, but an interesting deal completed by Dow Jones, as expected: it has bought UK-based financial media company eFinancial News Holdings for about $51.6 million. The net cash consideration represents about 10.1 times estimated 2007 EBTIDA.
The company has a print weekly, the Financial News, and has its own real-time financial news site, eFinancialNews with around 40,000 subscribers. It also own Private Equity, a weekly publication focused on the European PE sector. Private Equity also offers training and events for people in investment banking, asset management, private equity and trading. The company was founded by a group of London business journalists in 1990s.
DJ said about 54 percent of the London company’s 2007 revenue is estimated to come from non-print sources. The deal will close in Q2…this is an interesting European diversification from DJ, where WSJ Europe has been hammered on the print side.
Last year eFinancialGroup, a sister company to EFN, sold its jobs website eFinancialCareers.com to U.S.-based online recruiter Dice, which is owned by General Atlantic Partners and Quadrangle, for about $94 million.
More details in release