Advertisement
UK markets open in 55 minutes

  • NIKKEI 225

    38,403.27
    +851.11 (+2.27%)
     

  • HANG SENG

    17,185.89
    +356.96 (+2.12%)
     

  • CRUDE OIL

    83.48
    +0.12 (+0.14%)
     

  • GOLD FUTURES

    2,341.60
    -0.50 (-0.02%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • Bitcoin GBP

    53,539.45
    +94.27 (+0.18%)
     

  • CMC Crypto 200

    1,416.76
    -7.34 (-0.52%)
     

  • NASDAQ Composite

    15,696.64
    +245.33 (+1.59%)
     

  • UK FTSE All Share

    4,378.75
    +16.15 (+0.37%)
     
Money:

What is the true cost of the UK state pension?

To get a sense of the true value of the state pension, you can look at how much you would need to save to match it yourself

UBM in final push to sell PR Newswire -sources

Reuters - UK Focus

By Liana B. Baker and Greg Roumeliotis

Nov 27 (Reuters) - UBM Plc (LSE: UBM.L - news) is in the final stages of discussions to divest PR Newswire Association LLC, with Cision and Vista Equity Partners Management LLC competing to acquire the press release distributor, people familiar with the matter said on Friday.

Cision, a provider of public relations software and intelligence owned by private equity firm GTCR LLC, and Vista Equity, another buyout firm, submitted binding offers for PR Newswire last week, the people said.

However, the leveraged finance markets have been challenging in recent weeks, weighing on the value of the offers and making a deal uncertain, the people said.

ADVERTISEMENT

UBM has been looking to sell PR Newswire for more than $700 million, and will decide on the sale in the coming days, the people added.

The sources asked not to be identified because the negotiations are confidential. UBM and Cision did not immediately respond to requests for comment, while Vista Equity declined to comment.

UBM is looking to sell PR Newswire so it can focus on increasing the company's market share in trade shows and events. It (Other OTC: ITGL - news) bought trade show company Advanstar Communication Inc for $972 million last year.

PR Newswire had revenue of 195.8 million pounds ($300.6 million) in 2014, accounting for 26 percent of UBM's total revenue and down 3 percent from 2013. Its adjusted operating profit was 44.8 million pounds, down 1.8 percent.

GTCR has been acquiring several companies in the public relations software space recently. Last year it bought Cision and merged it with peer Vocus. It subsequently used Cision to acquire Gorkana Group Ltd, a media intelligence and data insights service provider.

Vista, which focuses on technology investing, has also previously invested in information services companies, such as STATS LLC, a sports data provided it bought last year. (Reporting by Liana B. Baker and Greg Roumeliotis in New York; Editing by Andrew Hay)