London—Reed Elsevier Group has completed the sale of its French b-to-b media and professional services unit, Reed Business Information France, to funds managed by Edmond de Rothschild Investment Partners, BNP Paribas Développement and some officers of the company.
This divestiture is the latest in Reed Elsevier's ongoing effort to improve its earnings by focusing on electronic formats and face-to-face conferences and exhibitions. Most of the company's RBI-U.S. unit was sold, through multiple transactions, when the strategy was announced in 2009. The Variety brand, originally retained, was purchased for $25 million by Penske Media Corp. in October.
RBI France employs 476 people in France, Spain and Tunisia, and had revenue of $81.6 million in 2012, according to a statement from Reed Business Information.