Cision, a provider of public relations software, is close to an agreement to acquire press release distributor PR Newswire Association LLC from British communications and events company UBM Plc, people familiar with the matter said on Monday. Cision, which is owned by buyout firm GTCR LLC, has prevailed in an auction for PR Newswire over private equity firm Vista Equity Partners Management LLC, and could finalize a deal as early as this week, provided it secures the necessary financing, they said. The exact price that Cision would pay could not immediately be learned, but sources previously told Reuters UBM has been looking to sell PR Newswire for more than $700 million. The sources cautioned that no deal was certain and asked not to be identified because the negotiations are confidential. UBM, PR Newswire and Cision did not respond to requests for comment, while GTCR and Vista Equity declined to comment. UBM is looking to sell PR Newswire so it can focus on increasing the company’s market share in trade shows and events. It bought trade show company Advanstar Communication Inc for $972 million last year. PR Newswire had revenue of 195.8 million pounds ($300.6 million) in 2014, accounting for 26 percent of UBM’s total revenue and down 3 percent from 2013. Its adjusted operating profit was 44.8 million pounds, down 1.8 percent. GTCR has been acquiring several companies in the public relations software space recently. Last year it bought Cision and merged it with peer Vocus. It subsequently used Cision to acquire Gorkana Group Ltd, a media intelligence and data insights service provider.
Source: Reuters.comCision nears deal to acquire PR Newswire: sources
Industry: Other 2015-12-15
