- Euromoney Institutional Investor - the international online information and events group, and the owner of Metal Bulletin, the global metals and mining price reporting agency - has signed a binding contract to acquire 1FastMarkets Ltd.

FastMarkets is a leading provider of real-time metals market information. It will become an integral part of Euromoney's extensive portfolio of digital pricing products that include Metal Bulletin and American Metal Market.

Euromoney says this acquisition is consistent with its strategy set out earlier in the year and it enhances the depth of information that Metal Bulletin can provide its clients across the metals and mining markets supply chain.

On completion, Euromoney expects to make a cash payment of approximately £13m for the acquisition of FastMarkets.

Metal Bulletin's managing director Raju Daswani said: "FastMarkets is an excellent business that perfectly complements Metal Bulletin's portfolio of price reporting and information products. Recent volatility in base metal markets has highlighted the need for high-quality price reporting on the physical metal markets to supplement the price discovery function of the world's commodity futures exchanges. This acquisition complements Metal Bulletin and extends Euromoney's global coverage of metals markets."

At 3:08pm:

[LON:DMGT] Daily Mail and General Trust PLC share price was -0.75p at 707.25p

[LON:ERM] Euromoney Institutional Investor PLC share price was +0.5p at 1092.5p

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