Wiley has acquired Emerald Publishing for £337 million, or $452 million, in an all-cash deal that lifts Wiley’s journal portfolio to about 2,500 titles from the addition of nearly 500 Emerald journal brands.
Emerald is expected to produce more than $85 million in revenue in the fiscal year ending Dec. 31, 2026, with mid-single-digit revenue growth. The business brings 92% recurring subscription revenue, and 85% of its revenue comes from outside North America.
Wiley said the acquisition is valued at about 7 times adjusted EBITDA, including targeted cost synergies. The company expects about $30 million in annual run-rate cost synergies by year three, with meaningful synergy realization by year two.
The deal also expands Wiley’s reach in economics, business, finance, accounting, management, strategy, education, engineering, information and knowledge management, operations, public policy and environmental management. Emerald adds 8,000 book titles and an archive of case studies and backfile content.
Wiley said the acquisition is expected to be accretive to adjusted EPS in year one. Following these announcements, the company's shares moved 3.04%, and are now trading at a price of $43.36. Check out the company's full 8-K submission here.
