Emap has confirmed it has sold its business-to-business magazine and events arm to Guardian Media Group and private equity firm Apax for around £1bn.
The deal marks the final break-up of Emap, which began as a regional newspaper publisher in 1947 before expanding in the 80s and 90s to become one of the UK's biggest media companies, with businesses stretching across radio, TV, consumer and B2B magazines and events.
Under the terms of the acquisition of B2B operation Emap Communications, the company's shareholders will receive 470p in cash for each share they own.
This values the GMG/Apax acquisition at around £1bn. However, the final price tag will be higher than this figure as GMG and Apax are taking on the undisclosed debt and liabilities from Emap.
"We are delighted to have secured the board's recommendation for our joint offer with Apax Partners," said Carolyn McCall, the chief executive of GMG, which publishes the Guardian, Observer and Guardian Unlimited network of websites, including MediaGuardian.co.uk.
"Emap Communications is a strong business with a range of highly successful brands. The acquisition meets our requirements in terms of diversifying GMG's media interests, in line with our commitment to guarantee the long-term financial security of the Guardian."
Earlier this month, Emap sold its consumer magazines and radio businesses to German publisher H Bauer for £1.14bn, saying at the same time that it was taking its B2B operation off the table.
It is understood that at that time, no bidder had offered a price acceptable to Emap, but GMG and Apax have since come back with a better deal.
In a statement, Eden Bidco - the company set up by GMG and Apax to bid jointly for Emap Communications - said that the acquisition represented a "compelling investment".
"Emap is an asset of exceptional quality, uniquely positioned in markets with strong underlying fundamentals," the statement said.
"Apax and GMG plan to support the management's strategy of solid organic and selective acquisitive growth and to extend Emap's market leading franchise and its pre-eminent brands serving professional communities globally."
Alun Cathcart, the executive chairman of Emap, said that the deal represented a "further compelling opportunity for shareholders to crystallise the value of Emap's B2B business. This reflects the exceptional quality of these assets".
GMG and Apax already have close working ties after the private equity firm paid £650m for a 49% stake in Trader Media Group, the GMG subsidiary that includes the classified advertising magazine Auto Trader.
The acquisition will include a range of more than 20 business-to-business titles including Retail Week, Screen International, Nursing Times, Construction News, Broadcast, Drapers and Architects' Journal.
Emap's range of events and exhibitions include the Cannes Lions International Advertising Festival, the Education Show, the World Retail Congress and gift and home show Autumn Fair.
There are also online operations such as business fashion website WGSN.
Apax already owns Incisive Media, which publishes B2B titles including Computing, Legal Week and Insurance Age.
Early rumours had suggested that Apax would look to merge Emap's business-to-business arm with trade magazine publisher Incisive Media, which it acquired last year, leaving GMG with selected titles such as Broadcast and Screen International.
The sale of Emap's businesses, in aggregate, will see shareholders receive 931p per share, valuing the company at £2bn.
Emap's share price had soared more than 22% to 928p at around 3.15pm today after the deal was announced.
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