180 Degree Capital Corp.’s Portfolio Company, TheStreet, Inc., Agrees to Sell Its Institutional Business Units to Euromoney Institutional Investor PLC for $87.3 Million
MONTCLAIR, N.J., Dec. 06, 2018 (GLOBE NEWSWIRE) -- 180 Degree Capital Corp. (“180”) (NASDAQ:TURN), notes that its portfolio company, TheStreet, Inc. (“TST”), announced today that it has entered into a definitive purchase agreement to sell its institutional business units, which includes The Deal and BoardEx, for approximately $87.3 million to Euromoney Institutional Investor PLC (“Euromoney”), a global business information and events group.
As reported previously by TST, its institutional business units, which reported aggregate revenue of $23.8 million in 2017, have offices located in New York, London, Wisconsin, Washington DC, San Francisco and Chennai, India. TST acquired The Deal in 2012 and BoardEx in 2014.
According to TST, the sale of its institutional business units is subject to the approval of a majority of the outstanding shares of common stock in TheStreet under Delaware law and is expected to be submitted for stockholder approval in the first quarter of 2019.
About 180 Degree Capital Corp.
180 Degree Capital Corp. is a publicly traded registered closed-end fund focused on investing in and providing value-added assistance through constructive activism to what we believe are substantially undervalued small, publicly traded companies that have potential for significant turnarounds. Our goal is that the result of our constructive activism leads to a reversal in direction for the share price of these investee companies, i.e., a 180-degree turn. Detailed information about 180 and its holdings can be found on its website at www.180degreecapital.com.
Daniel B. Wolfe
180 Degree Capital Corp.
This press release may contain statements of a forward-looking nature relating to future events. These forward-looking statements are subject to the inherent uncertainties in predicting future results and conditions. These statements reflect the Company's current beliefs, and a number of important factors could cause actual results to differ materially from those expressed in this press release. Please see the Company's securities filings filed with the Securities and Exchange Commission for a more detailed discussion of the risks and uncertainties associated with the Company's business and other significant factors that could affect the Company's actual results. Except as otherwise required by Federal securities laws, the Company undertakes no obligation to update or revise these forward-looking statements to reflect new events or uncertainties. The reference and link to the website www.180degreecapital.com has been provided as a convenience, and the information contained on such website is not incorporated by reference into this press release. 180 is not responsible for the contents of third-party websites.
Released December 6, 2018