Bloomsbury buys academic publisher ABC-CLIO for $22.9m
Bloomsbury announced this morning it has acquired US academic publisher ABC-CLIO for $22.9m (£17.3m), pushing shares up 5.72 per cent to 351p.
Out of the total deal, $22.3m were given in cash on completion, leaving $0.6m to be paid post completion.
The purchase is expected to strengthen Bloomsbury’s academic reach, especially in North America.
“ABC-CLIO is a strong addition to Bloomsbury USA, our academic and professional division and to Bloomsbury digital resources,” said Bloomsbury’s chief executive Nigel Newton.
“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.”
Founded in 1955, ABC-CLIO has become a renowned academic publisher, generating $14.7m worth of revenues and a $1.2 million profit in 2020. In FY2022, the group’s revenues will amount to £2.1m while its profits before tax will be around £0.3m.
Bloomsbury has recently delivered strong results, with a 29 per cent revenue growth in its first half year, going up to £100.7m, Morning Wire reported. Profits went up 225 per cent to £12.9m – the highest ever first half sales and profits for the publishing house.