Reed Elsevier to Buy Tolley Publishing for $155 Million
Aug. 08, 1996
LONDON (AP) _ Reed Elsevier PLC, the owner of LEXIS/NEXIS online information business, announced Thursday it would buy Tolley Publishing Company Ltd. from United News and Media for 100.5 million pounds ($155 million).
Tolley produces information and commentary on tax, legal and business markets in Britain, Reed said.
``This acquisition is a perfect fit with our existing legal and tax publishing operations in Britain,'' said Herman Bruggink, co-chairman of Reed Elsevier.
Nigel Stapleton, the other co-chairman, said in an interview that more acquisitions can be expected.
``For a company of our size, 100 million (pounds) is a small number. We've raided the petty cash but our (debt level) remains very low,'' he said.
Reed said it is now looking to expand geographically and add more scientific, professional and business information services.
Separately, the company said pretax profit rose 12.4 percent to 416 million pounds in the first half of the year from 370 million pounds. Sales fell to 1.7 billion pounds from 1.81 billion pounds.