May 23, 2016 / 1:40 PM / 4 years ago

General Atlantic to acquire majority stake in Argus Media

LONDON, May 23 (Reuters) - U.S. investment firm General Atlantic will acquire a majority stake in oil price reporting agency Argus Media in a deal valuing London-based Argus at nearly 1 billion pounds ($1.45 billion).

The two businesses expect to complete the transaction within two months, subject to regulatory approval.

Under the deal, the Argus executive chairman, Adrian Binks, will continue in the business and retain the “majority of his significant shareholding in the new structure alongside General Atlantic”, Argus said in a statement.

“We are delighted to welcome General Atlantic as our partner as we enter our next phase of growth,” Binks said.

General Atlantic managing director Gabriel Caillaux said: “Argus is an ideal fit with General Atlantic’s philosophy of supporting entrepreneurs to build global growth businesses.” ($1 = 0.6913 pounds) (Reporting by Ahmad Ghaddar; Editing by David Goodman)

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