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Astorg and Epiris kick off Euromoney carve-up following closure phase of £1.66bn buyout

Following the closure of the £1.66bn buyout by Astorg and Epiris, Andrew Rashbass is stepping down as CEO of Euromoney Institutional Investor PLC.

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Henry Elkington, currently Epiris’s chairman, will take on the role of acting CEO until a permanent replacement is found.

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This move signals the start of Euromoney’s transition into Astorg’s control. Astorg has announced that it will take over the Fastmarkets division, which was previously owned by Euromoney. This purchase marks the end of Euromoney’s involvement in the equity markets.

Private Equity News UK - Astorg and Epiris kick off Euromoney carve-up following closure phase of £1.66bn buyout

Following completion of the £1.66bn buyout, Astorg and Epiris have begun the process of Euromoney’s carve-up. Andrew Rashbass, CEO of Euromoney Institutional Investor PLC, will be stepping down but will remain a non-executive director. Henry Elkington, Managing Director of Epiris asset management, will act as executive chairman until a new CEO is appointed. Astorg is to take control of the Fastmarkets division from RBS Wealth Management.

Euromoney Institutional Investor PLC chief executive Andrew Rashbass is stepping down

Andrew Rashbass has announced that he is stepping down from his role as CEO of Euromoney Institutional Investor PLC following the completion of the company’s £1.66bn buyout from Astorg and Epiris earlier this year.

Private Equity News UK – Astorg and Epiris kick off Euromoney carve-up following closure phase of £1.66bn buyout

Under Rashbass’ leadership, Euromoney underwent a period of significant transformation following its acquisition by Astorg in September 2011 for €2 billion (£1.4bn). In his role as CEO since November 2012, Rashbass helped lead Euromoney through a period of significant growth, including the closure of its life insurance operations to Aegon NIG and its private client services businesses to Liechtenstein-based TARDE Group AG. He will be replaced by Dirk de Ridder on 1 October 2016 who has been with the company since 1990.

Astorg is to take control of the the Fastmarkets division

Following the closure phase of its £1.66bn buyout by Epiris Capital Partners, Astorg is to take control of the Fastmarkets division. The aim is for Fastmarkets to become a leading provider of technology-enabled trade execution and market data services for the capital markets industry, complementing Astorg’s existing financial solutions businesses within this area.

This follows Astorg’s acquisition in February 2016 of Trade Optimization, which was subsequently integrated into its own subsidiary, ASTORG Data Services Limited (ADSL). The enlarged business will have an annual revenue base in excess of €200m and employ around 300 people globally.

Henry Elkington of Epiris will be serve as acting executive chairman

Following the closure phase of their £1.66bn buyout, Astorg and Epiris have announced that Henry Elkington will serve as acting executive chairman.

The two companies said that they are now in a “principal negotiations” phase with potential buyers, during which they hope to find a buyer who will continue the company’s growth trajectory. The merger was first announced in March 2018 and completed in August of the same year. Astorg and Epiris currently have a workforce of 1,000 and a portfolio of over 50 businesses.

Private Equity News UK

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