LONDON: Private equity group Hg is selling its stake in Argus Media in a deal that will give majority ownernship of the commodities pricing data company to Chairman and CEO Adrian Binks.
The deal values Hg's investment in Argus Media at about 52 million pounds (US$66.09 million) and will involve Binks and existing shareholder General Atlantic consolidating their stakes in Argus, Hg said on Monday.
The transaction is expected to close within the next month.
Reuters reported in October that Hg had been gauging interest in its 25 per cent stake in the London-based business. .
Argus competes with rivals such as Fastmarkets, owned by Astorg, and Platts, which is owned by credit rating agency S&P.
General Atlantic had also considered selling its stake in Argus Media, Reuters reported in November.
Under the deal, General Atlantic is investing additional capital to increase its ownership, the statement said. (US$1 = 0.7868 pounds)