Emap sheds consumer and radio arms to H Bauer for £1.14bn

The publisher, which launched a review of its business in July, will receive £1.14bn for the two businesses, whose biggest magazine titles include FHM, Grazia and Heat. Around £1bn will be returned to the company's shareholders following the sale.

The decision to keep hold of the business-to-business (B2B) division, known as Emap Communications, which had been seen as the most valuable of Emap's assets, will be a surprise in some quarters.

Likely bidders for the division, whose titles include Retail Week, Drapers and Construction News, included private equity firms Cinven and Candover, and there was a joint bid from Apax and Guardian Media Group.

In a statement this morning, the company said: "The board believes the best value for shareholders will be achieved through continuing to operate this focused business on a standalone basis and, accordingly, the board has terminated all discussions with parties interested in Emap Communications."

Emap executive chairman Alun Cathcart said: "We are pleased to have achieved a successful outcome in the review of Emap's group structure. The price achieved for Emap Consumer Media and Emap Radio fully reflects the value of the two divisions.

"Emap will now be a focused B2B company with strong market positions, strong cashflow and a proven management team and track record in delivering value and growth.'

For more, see next week's PrintWeek.