Sept 25 (Reuters) - Bloomsbury Publishing Plc BLPU.L said it is to buy academic publishing company Oxford International Publisher Ltd, better know as Berg Publisher, for a maximum of 3 million pounds ($5.58 million) in cash and shares.
The acquisition will strengthen Bloomsbury’s position in the academic publishing market, the company best known for the Harry Potter novels said on Thursday.
Earlier this month Bloomsbury launched Bloomsbury Academic, headed by Frances Pinter, to focus on humanities and social science publications.
Under Thursday’s deal, Bloomsbury will pay an initial 2 million pounds, which includes the issue of shares worth £199,245, with the balance based on the average revenues from Berg fashion library business in 2014 and 2015.
Oxford-based Berg, which plans to launch Berg Fashion Library for fashion students in 2010, posted revenue of 1.58 million pounds for the year ended Dec. 31, 2007.
Bloomsbury shares were down 0.15 percent at 170 pence in early trading.
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