Bloomsbury Publishing PLC (LSE: BMY) said it entered into an agreement to acquire independent UK and Ireland professional and academic title specialist Tottel Publishing Ltd for £9.96 million, to be renamed Bloomsbury Professional upon completion.
The acquisition is expected to be immediately earnings enhancing.
For the 12 months to end February 2009, Tottel generated revenue of £6.25 million and EBITDA of £1.19 million. The business was founded in 2004 and employs 27 people.
Bloomsbury has identified academic and professional publishing as a growing niche sector. The proposed acquisition of Tottel fulfils a strategic objective of Bloomsbury in pursuing opportunities in the academic and professional publishing market and follows from the acquisitions of Methuen, Berg Publishers, and The Arden Shakespeare and the set-up of Bloomsbury Academic.
Bloomsbury added it now has a solid platform in this sector and will continue to expand by exploring further strategic acquisitions.
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