Washington-based Carlyle Group, headed by David Rubenstein will lead a consortium to buy Dealogic, an investment banking data provider, for $700 million, according to a press release. Along with Carlyle, Euromoney Institutional investors is participating, with a 15.5% stake and Randal Winn, co-founder of Capital IQ.
Euromoney will be paying $59.2 million through the acquisition vehicle Diamond Bidco, but it will fund the deal by selling two joint ventures with Dealogic back to Diamond Bidco to raise $85 million in cash and shares. Euromoney will have 20% voting rights, will sit on the board and be able to invest in any of Dealogic’s acquisitions. In return, Euromoney has agreed to cap out any sale of its investment in Dealogic at 350 million pounds or $559 million.
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According to a statement, “Euromoney will continue to receive and use (on perpetual, royalty-free basis) league tables and data analytic products underpinning its GlobalCapital business. New Dealogic and Euromoney will explore further strategic and commercial opportunities, including sharing of content management systems and joint product development for specific customer groups.”