Bloomsbury upbeat on acquisition of Zed Books assets
By Josh White
Date: Friday 20 Mar 2020
(Sharecast News) - Bloomsbury Publishing has acquired certain assets of Zed Books, the London-based academic and non-fiction publisher, it announced on Friday.
The London-listed firm said consideration was ?1.75m, of which ?0.875m was satisfied in cash on completion, and the rest would be paid within 12 months.
It said Zed would operate within its academic and professional division, and was expected to contribute around ?0.8m of revenue to Bloomsbury in its first year.
The acquisition was expected to break even in the first year, before reorganisation and acquisition costs, then be earnings-enhancing thereafter, with improved profit following the integration of the business into Bloomsbury.
Bloomsbury said the acquired Zed titles were a "good strategic fit" with its existing publishing lists, and would strengthen its offerings in African studies and development studies.
With the combined lists of Zed and IB Tauris, Bloomsbury said it was now a "leader" in academic area studies publishing.
The acquisition would also enhance its politics and international relations list, it added.
"We are delighted to become the new guardian of the prestigious and progressive Zed list," said Jonathan Glasspool, managing director of Bloomsbury's academic and professional division.
"The Zed programme aligns very well with our existing publishing within IB Tauris, and complements Bloomsbury Academic's publishing across a wide range of humanities and social science subjects."
Glasspool said that over 40 years, Zed had built up a "unique presence" in African and development studies - an area the company wanted to grow.
"We greatly look forward to working with Zed's wonderful range of authors and partners."
Kika Sroka-Miller, co-owner and director of Zed Books, added that Bloomsbury's recognition of the value of Zed's 'Global South' focus came at a "pivotal" historical moment.
"Moving the Zed list to Bloomsbury not only secures its long-term future and development, but greatly increases the global reach of the Africa and development lists in particular, which has always been Zed's primary goal.
"Furthermore, Zed's ground-breaking Middle East, gender and sexualities, race and indigenous politics lists fit well within Bloomsbury's broader publishing programme and crucially, the move ensures Zed's books remain independently published."
At 1311 GMT, shares in Bloomsbury Publishing were up 3.23% at 226.58p.
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