Irvine Laidlaw, a keen yachtsman and recently in the headlines for his financial
support of the Tory party, started IIR in 1973. He had announced his intention
to sell IIR and donate up to £ 20 million a year to good causes.
Laidlaw owns all but a few percentage points of IIR, and will receive cash from
T & F Informa, funded partly by debt and partly by a £311m issue of
shares.
Informa, made up from IBC, Taylor and Francis and Lloyds of London Press, was
itself founded in the same year as IIR, and has recovered from difficulties
in the late 1980's under the able stewardship of CEO Peter Rigby to become now
the world's largest conference-based business information company.
T&F Informa said it expected to make savings as a result of the deal worth
£8m in 2006 and £11m in 2007 mainly from property, IT systems, procurement
and reduced central overheads.
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