Bloomsbury Publishing has announced the acquisition of the Rowman & Littlefield Publishing Group’s academic publishing business.

The deal, which is the biggest acquisition by Bloomsbury to date, is worth $83m (£65m), of which $76m (£60m) has been satisfied in cash on completion and up to $7m (£5m), in escrow, will be satisfied in cash post completion.

Bloomsbury revealed that the transaction is structured as a sale and purchase agreement for the acquisition of certain assets which make up the academic publishing business of Rowman & Littlefield, the independent US trade and academic publisher.

The combined business will publish around 97,000 titles, creating a significant platform for further growth, which Bloomsbury said can cement its market position in core subject areas and strengthen areas where the company is building a presence, such as business and psychology.

Chief executive of Bloomsbury, Nigel Newton, described the acquisition as a “game-changer” for the group.

“Rowman & Littlefield is one of the few independent US academic publishers of such scale and it is great that our discussions with Jed Lyons have led to this acquisition,” Newton said.

“Its 40,000 academic titles added to ours will make us a significant US academic publisher, growing Bloomsbury's academic and digital publishing presence in North America, opening new markets and publishing areas to Bloomsbury, and is a key milestone in the delivery of our long-term growth strategy.”

President and CEO of Rowman & Littlefield, Jed Lyons, added: “The superb publishing team that runs the Rowman & Littlefield academic business will find a welcoming home at Bloomsbury and our authors will benefit from the global reach of Bloomsbury's sales and marketing efforts.”

Bloomsbury confirmed that it has financed the acquisition from its own cash resources and a new $38m (£30m) three-year term loan with Lloyds Bank.

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