- Euromoney Institutional Investor has agreed to sell its energy publishing businesses, Gulf Publishing Company in Houston and the Petroleum Economist in London, to a consortium led by Gulf's CEO, John Royall and media investor Russell Denson, for $18 million.

Euromoney has owned Petroleum Economist since 1989 and Gulf since 2001.

The transaction is expected to close on 30 April.

Euromoney says the sale is in line with the strategy presented at its recent investor day, including actively managing its portfolio of assets and seeking to sell certain businesses which do not align with its strategy.

Chief executive Andrew Rashbass said: "In line with our strategy, we are selling these businesses because they are not core for us. We believe the new owners, with their base in Houston, Texas, are better positioned to develop these businesses. John Royall has been a valued and respected colleague at Euromoney. I have no doubt he will continue to show outstanding leadership of these businesses under their new ownership."

Royall said: Euromoney has been a great home to these businesses. We and our partners look forward to building an independent and innovative media company that will take advantage of opportunities in the global energy industry."

Story provided by