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|| UK media firm acquired Dubai-based business portal for $24 million

emap-ameinfo.jpgUK-based media group Emap has acquired Middle Eastern online business portal AME Info for $24 million.

AME Info is based in Dubai and was founded in 1996. AME Info was privately owned with HSBC Private Equity Middle East as a minority investor.

More details follows:

Global media group, Emap plc, has acquired Middle Eastern online business news and information service, AME Info FZ-LLC, for a $24 million (£13m) cash consideration through its B2B division, Emap Communications (EC).

The deal includes a further deferred cash consideration payable of up to $5m (£2.7m) dependent on performance.

AME Info is based in Dubai and was founded in 1996. It covers all aspects of business news in the Middle East region providing real-time information across a range of industry segments.

AME Info will sit alongside Emap’s MEED – Middle East Economic Digest – the region’s leading business publication. AME Info employs 20 people, all of whom will be transferring to Emap.

It is the premier Middle East online business news and information service and delivers daily news on 5,000 of the biggest companies in the region and content on 11 daily vertical newswires.

It is available in both English and Arabic and in March 2006, the site had 752,438 unique users (source: ABC Electronic). AME Info was privately owned with HSBC Private Equity Middle East as a minority investor.

This acquisition is in line with Emap’s aim of targeting faster growth media platforms.

It also provides EC with a broad and diverse platform to develop existing products and to accelerate the pace of new product development in the Middle East.

EC’s chief executive, Derek Carter, said: “Working with the extremely professional AME Info team it is our intention to ensure that the business continues to grow, reflecting the rich diversity of this tremendously exciting marketplace.”



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