UBM receives final PRN proceeds

28 March 2018

UBM receives final PRN proceeds

On 17 June 2016, UBM plc, completed the sale of PR Newswire to Cision, a business controlled by GTCR Canyon Holdings (Cayman), L.P., for $841m, comprising $810m in cash and $31m of preferred equity (on a fair value basis).

As part of the transaction, UBM plc received Partnership Units in GTCR Canyon Holdings (Cayman) LP, now called Canyon Holdings (Cayman), L.P., which owns approximately 68% of the now NYSE-listed Cision and PRN business ("Cision").

On 20 March 2018, Cision announced pricing for a secondary offering of Cision shares. UBM sold-down its entire holding as part of this offering. On 28 March UBM received $43.4m of cash proceeds. This will result in a net gain on disposal of approximately £7.9m.

Contacts

Notes to Editors 

UBM plc is the largest pure-play B2B Events organiser in the world.

In an increasingly digital world, the value of connecting on a meaningful, human level has never been more important. At UBM, our deep knowledge and passion for the industry sectors we serve allow us to create valuable experiences where people can succeed. At our events people build relationships, close deals and grow their businesses.

Our 3,900+ people, based in more than 20 countries, serve more than 50 different industry sectors - from fashion to pharmaceutical ingredients. Our global networks, skilled, passionate people and market-leading events provide exciting opportunities for business people to achieve their ambitions. For more information, go to www.ubm.com; for UBM corporate news, follow us on Twitter at @UBM.