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Blackwell severs family ties in [pounds sterling]572m Wiley sale.
Byline: mark chillingworth
Blackwell severs family ties in [pounds sterling]572m Wiley sale
Mark Chillingworth
The [pounds sterling]572m acquisition of Blackwell Publishing by rival John Wiley & Sons is necessary to meet the demands of electronic publishing and increasing global research and development, executives at both companies say.
An economy of scale is required as increasing R&D budgets are driving up the levels of scientific papers that need publishing online, while users demand increasingly sophisticated online systems, said Blackwell president Bob Campbell.
Campbell said the deal came about from discussions he and Rene Olivieri, Blackwell CEO, had with JP Morgan Cazanove, the publishing company's financial advisors. Under the terms of the agreement, Wiley has acquired the outstanding shares in Blackwell in a deal that will be completed in January 2007.
"Funding for R&D is very fashionable and that means more research, which means more papers. We need to be bigger and more efficient to cope with scientific growth," he said.
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Source: HighBeam Research, Blackwell severs family ties in [pounds sterling]572m Wiley sale.