A large deal in the legal media and rankings business that was announced just before Christmas, and is set to close in early 2019.
London-based Euromoney Institutional Investor acquired the business-to-business arm of financial news provider TheStreet for $87 million, which includes The Deal and BoardEx.
At first blush, the deal looks like Euromoney, which publishes titles such as EuroMoney Magazine and Institutional Investor, and a range of business events, is keen to follow the direction of other legal publishers and information providers by enhancing its offering of quantitative ratings.
TheStreet was co-founded in 1996 by Jim Cramer, a famous financial commentator on the business news channel CNBC, and publisher Martin Peretz.
The Deal is a well-known media company and transaction information service focused on corporate deals such as mergers and acquisitions, private equity, venture capital financings, and bankruptcies.
It was launched (initially as the Daily Deal) in 1999 by investment banker and American Lawyer founder Bruce Wasserstein, and sold to The Street in 2012.
As well as articles and analysis, The Deal produces a number of league tables that measure law firm deal activity, such as the M&A Law Firms Power Rankings.
BoardEx, which was acquired by The Street in 2014, provides relationship analysis and biographical information for 750,000 of the world’s top, global business leaders.
200 blue chip investment banks, management consultancies, consultants, lawyers and corporations use the BoardEx global leadership database and proprietary analysis.