Wed, 28 Mar 2012 | BUSINESS SALE
Used car data provider CAP looks set to be sold by its parent company Emap for an estimated £150 million.
City sources stated that the publishing and events group has been in discussions with bankers regarding a disposal of CAP. Boutique corporate finance house Moelis & Co is the likely candidate to work on the sale.
Emap appointed a new chief executive – Duncan Painter from BSkyB – late last year. Since joining the firm, Mr Painter has undertaken a review of Emap's businesses. Earlier this month we reported that in addition to the potential sale of CAP, there have been rumours that the firm will also sell off its magazine division.
Advisers from Hawkpoint have now been requested by Emap and its owners – the Guardian Media Group and private equity firm Apax – to track down a buyer for the business's magazine assets.
Reports in the Telegraph suggest that the sale of the publishing arm of the company will generate in the region of £35 million.
While a full break up is unlikely, the sale of further profitable assets could be on the cards as Emap looks to pay down its debt. Mr Painter is due to brief staff about the company's strategy later today (Wednesday, 28 March).
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