Wilmington plc (LSE:WIL) agreed to acquire Health Service Journal from Ascential plc (LSE:ASCL) for £19 million in cash on January 19, 2017. The deal is subject to normal working capital adjustments at completion. The consideration is to be funded from Wilmington's existing debt facilities.

In 2016 Health Service Journal generated revenue of £10 million and EBITDA of £2.8 million. Its gross assets at June 2016 were £12.8 million including intangibles. The existing management team, led by Andy Baker and Alastair McLellan, will remain with the business and are included within the 60 employees anticipated to transfer across to Wilmington with Health Service Journal.

The sale is expected to complete on January 31, 2017 and proceeds will be used to reduce Ascential's net debt and invest in the business. The acquisition is expected to be earnings per share enhancing in the first full year of ownership. Matt Dixon, Ed Bridges and Chris Lane of FTI Consulting LLP acted as public relations advisor to Ascential.

Nick Westlake, Lorna Tilbian, Mark Lander and Hugo Rubinstein of Numis Securities Limited acted as financial advisor and Charles Palmer and Emma Appleton of FTI Consulting acted as public relations advisor to Wilmington. Edmund Reed, Jess Kolhorn, Ed Pike, Dan Reavill, Ashley Avery, Tim Gilbert and Adam Wyman of Travers Smith acted as legal advisor to Ascential plc.