Financial Times touted by investment banks for 1billion pounds
The Financial Times is being touted for sale by investment banks including Nomura and Bank of America Merrill Lynch for up to 1billion pounds.
London: The Financial Times is being touted for sale by investment banks including Nomura and Bank of America Merrill Lynch for up to 1billion pounds.
According to documents, some of the banks are also offering publishing group Pearson's share in The Economist magazine, as well as acquisitions database Mergermarket to potential buyers, reports The Telegraph.
The FT owner has repeatedly denied appointing advisors to sell the newspaper and has indicated to investment banks that it is unlikely to chase a deal for the title in this way.
However, banks are courting potential buyers so that they can present the media and education group with an offer, following the pattern of previous Pearson divestments.
The banks are said to be seeking offers for between 740 million pounds and 1billion pounds for the newspaper, equivalent to 37 times its projected earnings before interest, taxation and depreciation in the current financial year.
Bloomberg, the financial data company founded by New York Mayor Michael Bloomberg, is tipped as the frontrunner for the title.
Pearson's 50 percent stake in The Economist is being touted for around 225 million pounds, and Mergermarket is being offered for 250 million pounds.
At least one of the banks, also thought to include Credit Suisse, is understood to have told would-be buyers that Pearson had tasked them informally to seek out potential deals but the media company denied this was the case.