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Bloomsbury PublishingAnnouncement

16/12/2021 07:00

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RNS Number : 8210V  Bloomsbury Publishing PLC  16 December 2021

Bloomsbury acquires ABC-CLIO; accelerates academic publishing in North America
and further strengthens Bloomsbury Digital Resources division

16 December 2021

Bloomsbury Publishing Plc (LSE: BMY), the leading independent publisher, today
announces that it has completed the purchase of the members' interests of
ABC-CLIO LLC ("ABC-CLIO"). The consideration is $22.9 million (£17.3
million), of which $22.3 million (£16.8 million) has been satisfied in cash
on completion and up to $0.6 million (£0.5 million) will be satisfied in cash
post completion.

ABC-CLIO is an established academic publisher of reference, nonfiction, online
curriculum and professional development materials in both print and digital
formats for schools, academic libraries and public libraries, primarily in the
USA. Founded in 1955, ABC-CLIO is based in Santa Barbara, California. ABC-CLIO
has four imprints and 32 databases that provide curriculum-aligned content and
lesson plans, professional development support and student activities to US
schools and academic institutions. It has more than 23,000 titles in its
portfolio.

ABC-CLIO generated revenue of $14.7 million* (£11.5 million*) in the year
ended 31 December 2020, and profit before tax of $1.2 million* (£0.9
million*), with gross assets of approximately $12.5 million* (£9.4 million*).
In the remaining two months of Bloomsbury's financial year ending 28 February
2022, ABC-CLIO is expected to contribute approximately £2.1 million of
revenue and £0.3 million of profit before tax, prior to integration and
acquisition costs. The acquisition will be earnings enhancing in the current
year.

This acquisition is a good strategic fit; it further strengthens Bloomsbury
Digital Resources and significantly accelerates Bloomsbury's academic
publishing in North America, growing international revenues. ABC-CLIO will
operate within Bloomsbury's Academic and Professional division and ABC-CLIO's
32 databases will be included within Bloomsbury Digital Resources, enabling
Bloomsbury to scale ABC-CLIO's digital offering globally.

The Transaction constitutes a class 2 transaction for the purposes of the UK
Financial Authority's Listing Rules and, as such, does not require approval by
the Company's shareholders.

Nigel Newton, Chief Executive of Bloomsbury, commented:

"We are delighted to welcome the addition of ABC-CLIO to Bloomsbury USA and
the wider Bloomsbury Group. ABC-CLIO is a long-standing and respected American
publisher of academic reference, nonfiction, online curriculum, and
professional development materials in print and digital formats for academic
institutions and schools, faculty and students, and public libraries. ABC-CLIO
is a strong addition to Bloomsbury USA, our Academic and Professional division
and to Bloomsbury Digital Resources. This acquisition significantly grows
Bloomsbury's academic and digital publishing presence in North America, opens
new markets and publishing areas to Bloomsbury, and is another key step in the
delivery of our long-term strategic growth strategy."

Becky Snyder, President of ABC-CLIO, commented:

"Founded by Eric and Inge Boehm in 1955, ABC-CLIO has stood at the forefront
of scholarly publishing and academic solutions, committed to igniting a
lifelong passion for learning through student-led research.  Our
family-owned company has had deep ties and commitment to its authors and
customers and we believe that intellectual curiosity and educational
achievement go hand in hand. We are excited to be joining the team at
Bloomsbury; a company we greatly respect and whose values and mission align
with ours. We are excited about the opportunity Bloomsbury brings us, to
significantly expand our reach in shaping education through innovative
products that support research and learning."

* These numbers are unaudited.

This announcement contains currency exchange rates based on the average rate
on 14 December 2021.

 

For further information, please contact:

Bloomsbury Publishing Plc

Nigel Newton, Chief
Executive
nigel.newton@bloomsbury.com (mailto:nigel.newton@bloomsbury.com)

Penny Scott-Bayfield, Group Finance Director
 penny.scott-bayfield@bloomsbury.com
(mailto:penny.scott-bayfield@bloomsbury.com)

Hudson
Sandler                                                           +44
(0) 20 7796 4133

Dan de Belder / Hattie Dreyfus
  bloomsbury@hudsonsandler.com

 

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