12th May 2016 13:45
LONDON (Alliance News) - UBM PLC Thursday noted that New Jersey-based Innodata Inc has agreed to buy the assets and rights of PR Newswire's Agility business from the entity Cision AB set up to buy PR Newswire.
Completion of this sale is contingent on the completion of the sale of the overall PR Newswire business to Cision, UBM said.
UBM 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. The consideration includes USD810.0 million in cash and USD31.0 million in preferred equity in Cision.
The sale is currently under regulatory review by the US Department of Justice and in March, the Department of Justice requested additional information and documentary material regarding some of the PR Newswire products in relation to the sale.
Shares in UBM were up 0.2% at 575.00 pence Thursday afternoon.
By Hana Stewart-Smith; [email protected]; @HanaSSAllNews
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