The British publishing and education company Pearson said on Friday that it was seeking to sell Mergermarket, its deal news and data service.
Pearson, which owns The Financial Times, bought Mergermarket in 2006 for about $192 million. Founded in 2000, Mergermarket offers a subscription service with reporting and analysis on the world of mergers and acquisitions.
In an announcement on Friday, Pearson said it had chosen J.P. Morgan Cazenove to advise on the sale process. It cautioned that the process was at an early stage and might not lead to a deal.
At the same time, Pearson emphasized that it did not intend to sell The Financial Times, a newspaper whose corporate future has been a subject of much speculation in recent months.
“While we are clear that The Financial Times itself is a strong business in its own right, and one that has a very important role to play in our emerging professional learning strategy, we can’t see Mergermarket forging similar strategic or operational links with our educational company,†John Fallon, the chief executive of Pearson, told reporters on Friday, according to Reuters.
Shares of Pearson rose more than 7 percent in trading in London on Friday, to about 13.40 pounds a share.
The announcement came as Pearson reported its results for the first half of 2013. For the FT Group, which includes The Financial Times and Mergermarket, sales were 217 million pounds ($334 million) in the half, roughly flat compared with those in the period a year earlier. Adjusted operating profit for the division was 26 million pounds ($40 million), a 24 percent increase from results in the period a year earlier.
Mergermarket “continued to grow despite a challenging M.&A. market,†with strength in its flagship product and its Debtwire service, Pearson said. Mergermarket also introduced several products in the period.
“Mergermarket will benefit from its high subscription renewal rates, with market activity likely to boost its core product offerings,†Pearson said in the announcement.
Though the results were not broken down further, Pearson said on Friday that Mergermarket has about 100 million pounds ($153.9 million) in annual sales.
According to its Web site, Mergermarket has 400 journalists focused on mergers and acquisitions in 67 locations.
