IHS Acquires 50% JV Interest in Lloyd's Register-Fairplay
IHS Inc. announced the acquisition of Prime Publications Limited, which owns 50 percent of Lloyd's Register-Fairplay Limited. The acquisition makes IHS a 50-50 joint venture partner in Lloyd's Register-Fairplay, a leading source of global maritime information. Lloyd's Register, a separate entity, continues to own the remaining 50% share.
IHS acquired 100 percent of the stock of Prime Publications for approximately £38 million (British pounds), or roughly $75.5 million U.S. The transaction included approximately £10.7 million (British pounds) in non-interest bearing notes to the sellers of Prime Publications with the balance in cash.
Lloyd's Register-Fairplay is the pre-eminent brand name in the maritime information industry and the only organization that provides comprehensive details of the current world merchant fleet (tankers, cargo, carrier and passenger ships) and a complete range of products and services to assist the world's maritime community. Lloyd's Register-Fairplay uniquely meets international demand for information requirements on ships, companies, ports, real-time vessel movements and related news, and also provides research and consultancy services critical to the shipping industry.
"The maritime information market is a dynamic and growing segment of the world economy, and it is of significant interest to IHS customers in our four business domains: energy, product lifecycle, security and environment," said Jerre Stead, IHS chairman and chief executive officer. "As just one example, real-time tracking and monitoring of energy shipments -- combined with monitoring of vessel status, port conditions and security threats -- combine all the security, energy, environment and product lifecycle domains that are so important to our customers. It's a critical information combination that they can't get anywhere else."
Perissos Developments Ltd., led the negotiations of the transaction for the shareholders of Prime Publications.
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