HAYNES PUBLISHING ACQUIRED BY INFOPRO DIGITAL

Technical data company InfoPro Digital has reached a deal to acquire Haynes Publishing Group for cash. 

The transaction is valued at £114.5m with shareholders to receive 700p per share. Haynes put itself up for sale last November, with Eddie Bell, Chairman of the Haynes Board, saying: “The Board now believes our future will be best secured by the whole Group becoming part of an organisation with the financial resources to invest for future expansion and take the Company through to the next 60 years of success.”

READ: FULL MARKET STATEMENT

Commenting on the acquisition this morning, Eddie Bell said: “Haynes has made a highly successful strategic transition to become one of the leading suppliers of content, data and innovative workflow solutions for the automotive industry and motorists. Its strategy and operational execution over the past five years have translated into strong financial performance and shareholder value creation. The Haynes Board believes that the markets it serves have great potential for Haynes’ future growth and development, and that a combination with Infopro Digital will provide Haynes with the scale, capabilities and resources to ensure that it stays at the forefront of these markets and maximises its potential. The proposal from Infopro Digital reflects these opportunities and represents an attractive opportunity for Haynes Shareholders to crystallise an immediate and certain value in cash for their shareholdings, at a significant premium to current and historical share price trading levels.”

READ: HAYNES PUT UP FOR SALE

Commenting on the Acquisition, Christophe Czajka, Founder and Executive Chairman of Infopro Digital, said: “At Infopro Digital we have long respected Haynes’ spirit of innovation and its reputation for excellence. With a deeply complementary product set and geographic footprint, the combined companies have an opportunity to serve our clients more effectively and to build on both organisations’ history of creating innovative, transformative products that the automotive industry has come to value. We are committed to working together to create a company that will continue to help define the future of automotive data.”

Shareholders will vote on the proposed deal in meetings to be held in March and April.

Published by GregWhitaker

Editor of CAT Magazine and an experienced motoring journalist

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