Quarto Group buys publishing assets of becker&mayer

8th Aug 2016 14:09

(ShareCast News) - The Quarto Group's wholly-owned subsidiary Quarto Publishing Group USA has bought the publishing assets of becker&mayer from US-based trade publishing company McEvoy Group.The illustrated book publisher and distribution group will pay a consideration of $9.8m along with a working capital adjustment payment capped at $1m and a further deferred contingent consideration of up to $1.25m.Quarto said the assets of becker&mayer's book publishing group and its SmartLab book-plus and toy business will become the company's fifth US creative hub, based in Bellevue, Washington, alongside its current publishing operations in Minneapolis, the North Shore of Boston, Southern California and New York City.The deal is being financed from the group's existing $90m debt facility and is expected to be earnings-enhancing in the first full year of ownership.At 1415 BST, Quarto shares were up 1.3% to 264p.