Emap unveils £1bn break-up deal

The break-up of the Emap media business looked set for completion today after the firm backed a £1bn (€1.4bn) offer for its trade magazines and exhibitions business.

The agreed sale – to a joint venture between Guardian Media Group (GMG) and private equity firm Apax Partners – comes after the FHM-to-Grazia publisher unveiled a £1.14bn (€1.6bn) deal to sell its consumer magazines and radio assets two weeks ago.

Peterborough-based Emap – which stands for East Midlands Allied Press – was formed in 1947 as a regional newspaper group.

The business-to-business arm being bought by GMG and Apax includes trade titles such as Construction News and Retail Week.