17th Jun 2016 06:20
LONDON (Alliance News) - Events company UBM PLC on Friday said it has completed the sale of its PR Newswire business to Cision, a PR software company owned by Chicago-based private equity house GTCR Canyon Holdings.
UBM had announced the sale of the business in late 2015 and said the total cash proceeds from the sale will be GBP490.0 million.
As it previously announced, UBM will return GBP245.0 million of the proceeds to shareholders via a special dividend, payable on July 8.
"The disposal of PR Newswire is a signifcant milestone in the implementation of our 'Events First' strategy. UBM is now focused on the attractive, high-growth and high-margin events sector and we continue in the pursuit of our ambition to become the world's leading B2B Events business," said Tim Cobbold, UBM's chief executive.
By Sam Unsted; [email protected]; @SamUAtAlliance
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