Americans in move for Hemscott

HEMSCOTT, the online data group beloved of day traders, is to fall under the control of US venture capitalists in a deal that sees it expand into North America for the first time.

Headed by new BBC chairman Michael Grade, Hemscott is merging with US corporate information business CoreData in a mostly share swap deal valued at £7.3m.

The issue of new shares will give CoreData's ultimate parent VS&A - a $1bn (£553m) private equity fund run by Wall Street merchant bank Veronis Suhler Stevenson - 34% of Hemscott.

Veronis, however, wants control of Hemscott and has today launched a partial takeover, offering to spend £5.5m on 10m shares from existing shareholders at 55p, a 31% premium to last night's close. That will give Veronis, an active investor in media stocks, 54% control.

Hemscott shares will continue to be traded on the London Stock Exchange and the group's management, led by Grade and chief executive Ros Wilton, will continue in their posts.

Until now, Hemscott has been controlled by New Zealand investor Dairy Brands, renamed Finmedia, which after the transaction will retain around 20%.

Veronis has pledged to give Hemscott a £20m loan facility to back new acquisition on top of the £5m currently in the business.

Grade said the deal will help 'maximise the potential' of Hemscott.

In the first half of the year, the company made losses of £192,000, a cut in the interim deficit of 69%, on revenue up 8% at £3.5m.