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Highbury House Communications is to acquire fellow consumer and business to business publisher Nexus for £39.35 million.

Highbury House will fund the acquisition by a £37.2 million rights issue. It is to offer £8.74 million in its own stock to Nexus shareholders and pay the remaining £30.61 million in cash.

The enlarged company will publish over 150 consumer, business-to-business and customer magazines in a wide range of markets including health, horticulture, home entertainment and music.

Nexus chief operating officer Roger Patey will take up the same role in the enlarged company reporting to HHC chief executive Ian Fletcher. HHC said there would be “minimal redundancies” as a result of the tie-up.