TechTarget to combine with UK-based Informa's digital businesses

TechTarget

10/01/2024 23:25

Jan 10 (Reuters) - TechTarget  TTGT.O  on Wednesday
agreed to combine with London-based events organizer Informa's
 INF.L  digital businesses in a deal to expand its portfolio and
diversify revenue streams, the companies said on Wednesday.
    Informa will contribute its Informa Tech digital businesses
and $350 million in exchange for a 57% stake in the combined
company, while TechTarget shareholders will get $11.79 per share
and retain the rest of the stake, the statement said.
    "The combination brings scale benefits, diversified revenue
streams and strategic expansion opportunities by expanding
TechTarget's current addressable market," the companies added.
    Shares of TechTarget were up 15% in extended trading on
Wednesday. The stock lost 21% of its value in 2023.
    Informa Tech's digital businesses include technology
research firm Omdia, a portfolio of digital media brands,
including InformationWeek, Network Computing and AI Business.
    The combined company, which will be headquartered in Newton,
Massachusetts, is expected to have more than 8,600 customers in
over 20 countries, and likely increase TechTarget's current
addressable market by more than 10 times, according to the
statement.
    Informa Tech's current CEO Gary Nugent will take helm at the
newly formed company. The deal is expected to close in the
second half of 2024, subject to approvals.

 (Reporting by Harshita Mary Varghese and Savyata Mishra in
Bengaluru; Editing by Shailesh Kuber)
 ((HarshitaMary.Varghese@thomsonreuters.com;))