Euromoney pays $18m for Random acquisition

Business information and events group Euromoney Institutional Investor on Thursday acquired wood products price reporting agency Random Lengths for $18m in cash.

The acquisition of Random Lengths, which has a core focus on the North American lumber market and publishes over 1,500 prices every week, represents further expansion into the forest products price reporting industry by Euromoney.

Raju Daswani, chief executive of Euromoney's PRA division, said: "Random Lengths has a strong reputation in North America and is complementary to our existing forest products business, established through the acquisition of RISI in 2017. By integrating these businesses alongside our metals & mining services, we will further establish our position as a global leader in the commodity price reporting industry. "

The FTSE traded firm said Random Lengths’ product suite is complementary to Boston-based RISI, which provides price reporting, analytics and industry events for the forestry sector.

Random Lengths president Jon Anderson was "excited" that the deal will combine the wood products pricing business with RISI's global forest products price reporting operation. "Our customers will benefit from the investment that Euromoney has made in commodity price reporting by enhancing the way we serve our clients and markets."

Euromoney’s shares were down 0.44% at 1,364.00p at 0903 BST.