The deal gives Highbury shareholders 10 shares in Future in exchange for every 83.25 Highbury shares. They also have the option to take 10p per share in cash for some or all of their shares, up to £10m in total.
Future said it believed the plan would lead to combined savings of at least £4.5m from better supply terms and cost cuts relating to its stock exchange listing and headquarters.
Greg Ingham, chief executive of Future, said: "While the business has faced some challenges in recent times, we are confident we can integrate the titles and teams and improve the financial performance and enhance shareholder value.
"Our respective businesses are complementary so there is a genuine opportunity to generate important synergies for the combined group."
Highbury's share price had been lagging before the company revealed it had received an approach at the end of January, after being hit by a profits warning last year.
The company closed three of its magazines - CarBuyer, Inside Readers' Homes and Country House & Home - as part of a strategic review following a merger of its lifestyle and leisure divisions.
Future has been on an acquisition spree in recent months, although the latest buy outstrips other recent purchases.
In December, it acquired What Laptop from Crimson Publishing, as well as Beach Publishing, which produces Junior, Junior Pregnancy & Baby and Wedding Day. Last month it acquired A&S Publishing Company, owner of titles including Classic Ford, Mini Magazine and Retro Cars, for £5.95m.
Highbury House had been on the acquisition trail itself before its sales declined. In 2003, it bought Cabal Communications, publisher of Front and Real Homes, and Paragon Publishing.
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Future said it believed the plan would lead to combined savings of at least £4.5m from better supply terms and cost cuts relating to its stock exchange listing and headquarters.
Greg Ingham, chief executive of Future, said: "While the business has faced some challenges in recent times, we are confident we can integrate the titles and teams and improve the financial performance and enhance shareholder value.
"Our respective businesses are complementary so there is a genuine opportunity to generate important synergies for the combined group."
Highbury's share price had been lagging before the company revealed it had received an approach at the end of January, after being hit by a profits warning last year.
The company closed three of its magazines - CarBuyer, Inside Readers' Homes and Country House & Home - as part of a strategic review following a merger of its lifestyle and leisure divisions.
Future has been on an acquisition spree in recent months, although the latest buy outstrips other recent purchases.
In December, it acquired What Laptop from Crimson Publishing, as well as Beach Publishing, which produces Junior, Junior Pregnancy & Baby and Wedding Day. Last month it acquired A&S Publishing Company, owner of titles including Classic Ford, Mini Magazine and Retro Cars, for £5.95m.
Highbury House had been on the acquisition trail itself before its sales declined. In 2003, it bought Cabal Communications, publisher of Front and Real Homes, and Paragon Publishing.
If you have an opinion on this or any other issue raised on Brand Republic, join the debate in the .
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