Inside the Australian and New Zealand book industry

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Perseus exploring sale of business

In the US, Perseus Books Group (PBG) has hired investment banking firm Greenhill & Co to initiate ‘a formal process to explore a potential sale of the business’, reports Publishers Weekly. Perseus CEO David Steinberger said in a statement that the company has ‘received multiple inquiries from parties expressing significant interest’. ‘The Perseus Books board has determined that it is our fiduciary responsibility to explore a potential sale transaction,’ said Steinberger. No details were released about how long the exploration process would take. As previously reported by Books+Publishing, Hachette Book Group and Ingram Publishing Services called off their agreement to buy PBG in August 2014 that would have seen Hachette take over PBG’s publishing imprints and Ingram acquire its distribution business. According to Publishers Weekly, Hachette is speculated to be among the possible buyers, alongside a private equity firm.

 

Category: International news