Permira in exclusive talks for FT Business

The firm has joined forces with former FT Group CEO Stephen Hill to bid for Pearson's magazine titles.

The former chief executive of the Financial Times Group, Stephen Hill, is reported to have entered into exclusive talks with Pearson (which publishes the Financial Times) to acquire FT Business, Pearson's business magazine’s division which includes Investor's Chronicle, Financial Adviser and Money Management.

The Times reports that Hill has teamed up with UK private equity firm Permira to make a bid for the titles, which is likely to value the division at around £80m. Pearson announced in February that it had appointed Lazard to oversee the sale of the division. Simultaneously, Hill confirmed that he would be stepping down from his position as FT Group chief executive to launch a bid for the titles.

The sale attracted expressions of interest from a number of private equity firms as well as trade buyers, including Incisive Media, Emap and Informa. An initial round of bidding closed just before Easter.

A spokesperson for Permira declined to comment on the report.