Informa plc has sold off its non-core Robbins Gioia division to management.
U.S.-based Robbins Gioia — which is a consulting company mainly to the U.S. government — was acquired by Informa in 2005 and has come under pressure as a result of the U.S. government moving more work in house. The business reported a 15 percent drop in revenue last year, prompting Informa to adjust the carrying value of Robbins Gioia’s net assets, resulting in a 50.7 million pound ($79.5 million) impairment charge.
Robbins-Gioia (R-G) had announced that it has been acquired by a management-led team of investors, a move that will establish the firm as an independent, US-owned entity once again. Terms were not disclosed.
Informa — which publishes real-time news, research, market intelligence, academic books and journals — had posted an adjusted pretax profit of 295.9 million pounds last year.