Reed Elsevier has terminated the sale of Reed Business Information, blaming the turmoil in the global financial markets and the resulting weak credit market.
RBI, the business-to-business publishing division of Reed Elsevier and publisher of B&T,was put on the market in February. Several private equity firms had expressed an interest in buying the business, but offers are understood to have been below the asking price.
Crispin Davis, CEO of Reed Elsevier said: “We believe the business has significantly more value than can be realised in a transaction at this time.” Davis said it was still the intention to divest RBI “in the medium term”.
RBI globally will be led by newly installed CEO Keith Jones. He said: “While it still remains our strategic intent to divest RBI in the medium term, there is significant opportunity to strengthen and enhance value in the business, notwithstanding the current challenging trading environment. We are all committed to working with the RBI management team to help achieve that.”
RBI Australia also publishes Australian Doctor, Travel Weekly, Encore and Digital Media.
