London Markets: Future climbs on £300 million deal to buy publisher of Kiplinger

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Future plc climbed on Monday as the stock-market sensation reached a deal to buy the publisher of Kiplinger.


— which has the sixth-highest total return of any FTSE All-Share component over the last decade, according to FactSet — rose 5% after reaching a £300 million ($416 million) all-cash deal to buy most of the titles of U.S. publisher Dennis for £300 million from Exponent Private Equity.

Future is buying titles including Kiplinger, MoneyWeek, The Week & IT Pro, with Viz, Fortean Times, Cyclist and Expert Reviews being retained by the private-equity holders.

Future said the deal will help increase the percentage of recurring revenue, since subscriptions represent 75% of Dennis’s revenue, and boost its U.S. presence. In 2020, Dennis’s EBITDA was £20 million on revenue of £104.8 million.

The broader FTSE 100

was mired in red on Monday, falling 1.2% after disappointing Chinese and U.S. economic data. Luxury goods maker Burberry

and metals groups Glencore

and Anglo American

weighed on the FTSE 100.

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