LONDON (Reuters) - RELX (L:REL) (AS:RELN), Europe's largest media group formerly known as Reed Elsevier , has agreed to sell its Australian construction data business Cordell as part of its drive to reshape its portfolio towards faster growing businesses.
A person familiar with the deal said RELX had agreed to sell Cordell to U.S. firm CoreLogic (N:CLGX). The business provides information on project activity and building cost information to the building, property and insurance sectors.
The sale, for an undisclosed sum, marks the complete exit of RELX's Reed Business Information (RBI) unit from the construction data industry, which can prove cyclical.
It has previously sold its American construction data business, with the combined revenues of the two U.S. and Australian construction businesses amounting to around $100 million.
RELX, which cancelled a plan to sell RBI in 2008 due to stock market volatility, has now sold around 50 businesses from the unit as part of its transformation. RELX declined to comment on the sale.