The company launched by CNBC commentator Jim Cramer and the publisher of TheStreet.com said in a press release that the sale of the business-to-business (B2B) units was unanimously approved by
Shares of TheStreet rose 33% to $2.02 in Thursday’s Nasdaq trading.The stock of Euromoney declined 3.9% to 1,230 pence in London.
The company said it expects a substantial portion of net proceeds from the sale to be distributed to stockholders. The board is evaluating various ways to complete this distribution.
"The primary goal of our board and management team has always been to maximize shareholder value, and the sale of our B2B business to Euromoney is a unique opportunity to do just that," David Callaway, president and CEO of TheStreet, said in a statement.
TheStreet said it bought The Deal, a website that covers mergers and acquisitions and bankruptcies, from private equity firm Wasserstein & Co in 2012 for $5.8 million. It said it acquired BoardEx, a corporate relationship mapping service, for $22.5 million in 2014. The Deal was founded in 1999 by the late M&A investment banker Bruce Wasserstein.
In June, according to TheStreet, it agreed to sell its RateWatch business to S&P Global Inc for $33.5 million in cash. TheStreet said an investment from Montclair, N.J., investment firm 180 Degree Capital Corp was used to retire its preferred stock.
--This story has been updated to show the move in Euromoney's stock and give details on how much TheStreet had paid for The Deal and BoardEx--
Contact Dennis Fitzgerald at [email protected]