Infomedia18 sells its publishing content services business, Glyph International

By afaqs! news bureau , afaqs!, New Delhi | In Media | May 06, 2010
The media company has sold its entire stake in Glyph International to US-based Cenveo

Infomedia 18 has sold its entire stake in Glyph International, its publishing content services business, to the US-based graphics services firm, Cenveo for an undisclosed amount. This divestment is part of Infomedia's strategy to exit non-core businesses and deploy resources to focus on core media segments, search, internet and directories services.

"Cenveo has a strong presence in publishing services, and will offer significant growth opportunities for our employees and continued superior services to Glyph International's clients," says Haresh Chawla, group CEO, Network18 and managing director, Infomedia in a public statement.

He added that the transaction will be value accretive to Infomedia18, and will allow resources to move into core media businesses.

The press statement issued by the Stamford, Connecticut-based Cenveo states that the transaction expands the company's existing content management platform, and is projected to be accretive for the company's earnings in 2010.

Robert Burton Sr, chief executive officer of Cenveo, says, "The acquisition of Glyph significantly strengthens our market presence and end-to-end service capability in the journal and book publishing markets."

As a part of the agreement, all the holdings of Infomedia in the Glyph subsidiaries, namely Glyph International Limited, Glyph International US, Glyph International UK and CEPHA Imaging, in both India and US, will get transferred to Cenveo's subsidiaries, after the necessary approvals.

BMR Advisors acted as the sole financial advisors on this deal.

Glyph International is one of the leading providers of publishing services in the world, with offices in Bengaluru, New Delhi, London, and Fort Lauderdale, Florida.

Cenveo's product portfolio includes forms and labels manufacturing, packaging and publisher offerings, envelope production and commercial printing.

Infomedia18's leading brands include a directory titled Infomedia Yellow Pages; product finder, Search; and consumer magazines, Overdrive and Chip. Infomedia18 is a publicly listed company. The controlling stake in the company is held by Television Eighteen India Limited, a Network 18 Group company.

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