13th Jun 2016 06:34
LONDON (Alliance News) - UBM PLC said Monday the US Department of Justice has filed for the clearance of its sale of PR Newswire, a step towards UBM completing the sale.
The company agreed the sale of PR Newswire business towards the end of 2015 for USD841.0 million to Cision, a PR software company owned by Chicago-based private equity house GTCR Canyon Holdings.
However, the sale was under regulatory review by the US DoJ and in March, the DoJ requested additional information and documentary material regarding some of the PR Newswire products in relation to the sale.
UBM said Monday it expects the US government to grant early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 in relation to the sale, which would permit it to close the transaction.
However, the sale is still under review in the UK. In May the UK's antitrust regulator, the Competition & Markets Authority, said it was probing the sale to see whether it would result in a substantial lessening of competition.
However, PR Newswire and Cision both have a much larger presence in the US.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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