24th Sep 2015 05:30
LONDON (Alliance News) - Media and events company UBM PLC late on Wednesday confirmed press reports that it has entered talks to sell its PR Newswire business.
Reports on Wednesday indicated that PR software and intelligence provider Cision, which is owned by private equity firm GTCR LLC, was preparing to make a bid for the PR Newswire business, which has been valued by analyst at around GBP500 million or more.
UBM, in a short statement, said it is in "highly preliminary discussions with a number of parties" about the possible sale of PR Newswire. It did not provide any information about the identity of the bidders involved in the talks and said there is no certainty a deal will take place.
The reports about the possible deal, and note supportive of the transaction from broker Liberum, helped UBM shares to close up 4.5% on Wednesday, one of the best performers in the FTSE 250.
By Sam Unsted; [email protected]; @SamUAtAlliance
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