€1bn sought for 'Financial Times'
The Financial Times is being touted for sale by investment banks including Nomura, Credit Suisse and Bank of America Merrill Lynch, for up to £1 billion, the Daily Telegraph has reported.
Banks are said to be seeking offers for between £740 million and £1 billion for the Financial Times, equivalent to 37 times its projected earnings before income, taxation and depreciation in the current financial year.
Some of the banks are also offering publishing group Pearson’s share in the Economist magazine, as well as acquisitions database Mergermarket to potential buyers.
The FT owner has repeatedly denied appointing advisers to sell the newspaper and has indicated to investment banks that it is unlikely to chase a deal for the title in this way. However, banks are courting potential buyers so that they can present the media and education group with an offer, following the pattern of previous Pearson divestments.
Bloomberg is tipped as the front-runner to buy the newspaper title.