IDG Books Worldwide to Acquire Macmillan General Reference Brands
Posted on June 30, 1999IDG Books Worldwide, Inc. has announced it will acquire a portfolio of brands from the Macmillan General Reference Group (MGR) of Pearson Education through the purchase of all of the outstanding stock of MGR. The acquisition price is approximately $83 million, plus adjustments for changes in working capital at closing. The acquisition is expected to close by the end of July, subject to antitrust clearance and other conditions.
"This acquisition will enhance our position as a global provider of knowledge brands," said IDGB President Steven Berkowitz. "Our proven know-how in building powerhouse brands can be applied to many of the high quality brands currently under the MGR banner. We believe this acquisition is a great strategic fit with our publishing program, our Internet objectives and our worldwide distribution capabilities."
Among the brands included in the acquisition are: Frommer's Travel Guides(R) (including the frommers.com website), The Unofficial Guides, Places Rated Almanac, J.K. Lasser Tax Guides, Webster's New World Dictionaries, Arco Test Preparation, Betty Crocker Cookbooks, Weight Watchers Dieting, Howell House Pet Books, Chek Chart automotive training series and other titles. In total, over 3,000 titles are included in the acquisition.