Informa Plc
* Informa continues growth acceleration plan with proposed £1.2bn acquisition of penton information services
* Proposal funded by a fully underwritten £715m rights issue
* Deal strengthens global exhibitions and business intelligence divisions, expands U.S. presence and enhances earnings
* Patrick Martell to work alongside current penton CEO to ensure 2016 delivery, before managing 2017 transition; charlie McCurdy to lead enlarged global exhibitions division
* Valuable estimated net operating synergies of £14m in 2018
* Core informa business on track, underlying full year expectations unchanged and commitment to 4 pct minimum annual dividend growth maintained
Penton owners to take and hold £76m in informa equity as part of consideration following exclusive discussions and sale agreement
* Post-Tax return on investment expected to exceed cost of capital within first full year of ownership on a cash basis and two years on a non-cash basis
* Acquisition will be funded through a combination of new debt and equity, including a fully underwritten rights issue of one rights issue shares at 441 pence each for every four existing informa shares Source text for Eikon: Further company coverage: (Reporting By Sinead Cruise).
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Source: Reuters.com
