Euromoney sells DFNI and Raven Fox to Metropolis

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Euromoney Institutional Investor PLC (“Euromoney”) announced today that it has completed the sale of Raven Fox, which includes Duty-Free News International (“DFNI”), a leading duty-free and luxury goods publishing and events business, to the Metropolis Group (“Metropolis”) for an undisclosed sum. Metropolis owns Frontier magazine and the Frontier Awards which operate in the same marketplace as DFNI.

The value of the gross assets of the Raven Fox business is £705,000, which under the London Stock Exchange listing rules makes this is a Class 3 transaction for Euromoney.

“Euromoney is delighted to have found a good home for Raven Fox,” says Christopher Fordham, director of Euromoney. “We had no other businesses in the duty-free and luxury goods sectors and, following the acquisition of Metal Bulletin in October 2006, our focus has been directed on integrating Metal Bulletin into Euromoney. We wish Metropolis the very best with their acquisition.”

Paul Kelly, managing director of Raven Fox, says: “This is good news for Raven Fox, our staff, our readers, our advertisers and sponsors. The combination of DFNI's news analysis, Frontier's product focus and RavenFox.com's news coverage creates a leader in travel-retail media”.

Jonathan Mills, Chief Executive of Metropolis, says: “We are very pleased to have acquired Raven Fox, which includes DFNI. The fit with Frontier’s magazine and Awards is excellent and we are excited about the long-term opportunities for both businesses in the growing Global Travel Retail industry. ”