Electra Private's subsidiary completes MIMS sale

The FTSE 250 group said the transaction, the third major sale completed by its subsidiary AXIO Data Group over the last 12 months, is expected to be completed by the end of Wednesday 7 October.

The sale of MIMS, one Asia-Pacific's leading provider of trusted medicine information, with a registered user base of over 1.7m, is expected to result in an increase in diluted net asset value per share of 122p, while Electra anticipates to receive £95m in proceeds.

"Our plan for AXIO is to transform each business by developing the right long-term strategy and then delivering through operational improvement and M&A,” said Alex Cooper-Evans, partner at Electra.

“This is resulting in some extremely high-quality niche businesses that are very attractive to strategic purchasers. The MIMS story shows exactly this plan in action."

Electra shares were up 2.26% to 3,350.00p at 0818 BST on Wednesday.