Informa PLC on Tuesday said the tie-up of its digital businesses with US-listed Tech Target Inc had taken effect.
The London-based business information and events company announced in January that Informa Tech’s digital business would merge with Newton, Massachusetts-based TechTarget Inc to create ‘market leader’ Informa TechTarget.
The new company will be listed on the Nasdaq exchange and Informa will own 57% of the equity. In January, Informa said it would contribute $350 million cash in exchange for the ownership position.
It said the new business would combine TechTarget’s portfolio of business-to-business products and brands with Informa’s digital business. In January, Informa said it targeted $45 million annualised net synergies within three years from the tie-up.
Informa said Mary McDowell had been appointed chair of Informa TechTarget, moving from non-executive director on the Informa board. Louise Smalley, non-executive director and chair of the remuneration committee, has been named as senior independent director.
The company said: ‘Long-term growth in enterprise technology and the increasing use of [business-to-business] digital services underpin forward growth ambitions. Near-term market momentum remains subdued, with modest growth expectations going into 2025, when Informa TechTarget will focus on combination, business development and continuing improvement in its portfolio of data-led products.’
Shares in Informa were up 0.5% to 864.20 pence in London on Tuesday morning.
Copyright 2024 Alliance News Ltd. All Rights Reserved.
