Energy news service Argus Media to sell stake

Argus Media, which covers energy news across the world, is selling a stake in itself that values the company at $1.3 billion, according to a Reuters story by Dmitry Zhdannikov and Freya Berry.

Zhdannikov and Berry write, “Argus has told employees it will only consider selling to investors who allow the company to continue operating independently and who will invest in the business globally for a five-year period, according to the sources.

“Investors who accept the five-year plan will progress to the final round of bidding and a deal is likely to be signed in the next few months, employees have been told.

“Argus had revenue of 124.4 million pounds ($178.8 million) in the year to June 2015 and a pre-tax profit of 32.5 million pounds.

“Its U.S.-based competitor Opis was bought by information provider IHS Inc in January in a $650 million deal .

“Argus employs 750 full-time staff globally, half of whom are commodities journalists, according to the company’s website.”

Read more here.