UBM agrees to acquire Advanstar for $972M

October 3, 2014 — Fusion DigiNet

UBM
UPDATE November 6, 2014: A copy of the prospectus dated 6 November 2014 relating to the Rights Issue associated with UBM’s proposed Acquisition of VSS-AHC Consolidated Holdings Corp. (Advanstar Communications) is available here. It can also be read at www.morningstar.co.uk/uk/NSM.

ORIGINAL ARTICLE October 3, 2014: UBM has agreed to buy Advanstar Communications for $972 million (£599 million) in cash.

Advanstar’s CEO, Joe Loggia, will continue to manage the Advanstar business within UBM and will report directly to UBM CEO Tim Cobbold for a transitional period.

UBM will launch a new financing package to pay for the deal comprising of a $914 million (£563 million) Rights Issue and a new US$100 million UBM bridge facility.

advanstar“This is a great acquisition for UBM and its shareholders.” Commented Tim Cobbold, Chief Executive Officer of UBM, “In addition to being financially attractive, it strengthens UBM’s core events business while balancing and complementing UBM’s strong events portfolio in emerging markets. UBM will become the largest events organiser in the US – the biggest events market in the world. Advanstar gives UBM a portfolio of high quality, large scale `must-attend’ events which serve growing markets, particularly the US fashion industry, a new vertical for UBM.”

The Wall Street Journalist is reporting that some analysts have speculated UBM will sell its news release business PR Newswire, which would turn UBM into a company almost fully focused on events.

Previous Fusion DigiNet reporting

UK, London & USA, Santa Monica, CA

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Moody’s to Acquire Full Ownership of Copal Amba

September 30, 2014 — Fusion DigiNet

moodysMoody’s Corporation is to acquire the remaining outstanding shares of Copal Amba. Moody’s is currently a majority owner of Copal Amba, which was formed through the acquisitions of Copal Partners in 2011 and Amba Investment Services in 2013.

Copal AmbaCopal Amba, a leader in the market for Knowledge Process Outsourcing (KPO), provides offshore research, analytics and business intelligence services to the financial and corporate sectors. Its clients range from global financial institutions and Fortune 100 corporations to boutique investment banks and asset managers.

“Copal Amba has had strong momentum since its formation and has expanded its penetration into the growing market for outsourced financial research, analytics and business intelligence services,” said Linda S. Huber, Executive Vice President and Chief Financial Officer of Moody’s.

The acquisition of the remaining shares is not expected to have an impact on Moody’s earnings per share in 2014 and will be funded from international cash on hand. The terms of the transaction, which is expected to be finalised in Q4 2014, were not disclosed.

USA, New York, NY

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UBM in advanced talks to acquire Advanstar

September 19, 2014 — Fusion DigiNet

UBMUBM is in advanced talks to acquire Advanstar. Reuters is reporting that UBM are paying around $900M for the privately held U.S. trade show organiser.

Advanstar generates roughly $95 million in earnings before interest, taxes, depreciation and amortisation. It has has a portfolio of 54 trade shows, 100 conferences, 30 publications, and almost 200 electronic products and Web sites, as well as educational and direct marketing products and services. Advanstar has approximately 600 employees and currently operates from multiple offices in North America and Europe.

A UBM statement confirming the talks said, “UBM plc notes recent market speculation concerning a potential acquisition of advanstarAdvanstar by UBM. UBM confirms that it is involved in discussions which may, or may not, lead to a transaction. A further announcement will be made in due course, if appropriate.”

This would be the first large acquisition for UBM under its new CEO Tim Cobbold, who started at the company earlier this year after leaving British banknote printer De La Rue.

UK, London & USA, Santa Monica, CA

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Thomson Reuters to sell peHUB, Buyouts and Venture Capital Journal

September 12, 2014 — Fusion DigiNet

Thomson Reuters LogoThomson Reuters is selling several of its trade publications, including peHUB, Buyouts and Venture Capital Journal, according to a report in peHUB.

PeHUB, Buyouts and VCJ are produced by Thomson Reuters’ Deals Group, which employs a dozen journalists.

  • Buyouts is a bi-weekly magazine that covers news and trends in the buyouts market.
  • Venture Capital Journal is a monthly magazine that covers the venture capital business.
  • peHUB is a blog that covers PE and VC news.

The Deals Group also publishes peHUB Wire, a free daily email newsletter . The Wire reportedly has more than 60,000 subscribers. Subscriber numbers were unavailable for Buyouts, which costs $2,695 per year, and VCJ, which costs $2,295 annually. Thomson Reuters also doesn’t disclose the number of monthly unique visitors to peHUB.

USA, New York, NY & UK, London

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MECOM GROUP disposes of LMG

September 9, 2014 — Fusion DigiNet

mecomMecom Group plc is selling its operating subsidiary in Limburg, LMG Netherlands II B.V., to Concentra Media Nederland B.V., a subsidiary of Concentra NV.

LMG is the publisher of Dagblad de Limburger and Limburgs Dagblad, regional newspaper titles in the Dutch province of Limburg with a combined daily circulation of approximately 138,000. In the year ended 31st December 2013 LMG generated a profit before tax of €4.5 million and as at 30th June 2014 its gross assets were valued in the Group’s consolidated accounts at approximately €44.4 million (including €15.0 million of cash and cash equivalents). The LMG business is owned by LMG Netherlands I B.V., which is ultimately a wholly owned subsidiary of the Group and the Sale will be effected by means of a transfer of LMG’s shares to Concentra. Loek Radix, the interim Managing Director of LMG’s subsidiary, Media Groep Limburg, will remain with the business following the Sale.

The Sale places a preliminary enterprise valuation of approximately €58 million on LMG. Following adjustments the Group will receive initial net cash proceeds of €40 million, subject to adjustments for LMG’s net cash and working capital at completion.

Completion is expected to take place on 30th September 2014.

In addition to the preliminary enterprise valuation above, the transaction also provides for:

1. an earn-out arrangement under which Mecom would receive up to €4 million in additional consideration, depending on the cumulative financial performance of LMG in the three years following completion; and

2. Mecom receiving 90 per cent of the net sale proceeds (up to a maximum of €3.4 million) of the land and buildings at two print plants which Concentra is acquiring as part of the Sale (one of which is disused and the other of which will be shut within a year of completion of the Sale) and which Concentra has agreed to sell in conjunction with Mecom following completion of the Sale

The total valuation of LMG in the Sale will therefore depend on the final amounts receivable under 1. and 2. above. The enterprise valuation, as a multiple of 2013 EBITDA, will therefore be in a range of approximately 4.0 times (assuming nothing is received in respect of 1. and 2.) to approximately 4.5 times (assuming receipt of the maximum payments envisaged in respect of 1. and 2.).

LMG has also entered into a services agreement with Mecom’s remaining Dutch subsidiary, Koninklijke Wegener NV (“Wegener”), under which Wegener will provide various services to LMG for a period of three years from completion of the Sale, for total consideration of at least €4.5 million. Concentra will make a €1.5 million advance payment on LMG’s behalf in respect of this services agreement at completion.

Norway, Oslo & UK, London & Belgium, Hasselt & The Netherlands, Limburg

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New Media completes acquisition of The Providence Journal

September 3, 2014 — Fusion DigiNet

new media investmentNew Media Investment Group Inc. has completed the acquisition of  The Providence Journal and related print and digital assets for $46.0 million in cash from A. H. Belo Corporation.

The Providence Journal is one of the oldest print publications in the United States and was first published in 1829. It has a daily circulation of approximately 72,000 and 96,000 on Sunday.

Previous reporting

The purchase price was funded with a combination of cash on the balance sheet and an incremental $25.0 million on the Company’s existing term loan. The Providence Journal is one of the oldest print publications in the United States and has a daily circulation of approximately 72,000 and 96,000 on Sunday.

USA, New York, NY & Providence, RI

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New Media Investment Group acquires The Providence Journal for $46M Posted on July 23, 2014

 

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IHS acquires PCI Acrylonitrile, a U.K.-based chemical market advisory service

September 2, 2014 — Fusion DigiNet

ihs_logo_mpIHS Inc. has acquired PCI Acrylonitrile, a provider of chemical market insight and consulting services for the global acrylonitrile and derivatives industry.

Based in the U.K., PCI Acrylonitrile publishes the Acrylonitrile Market Report, a monthly report focused on the global acrylonitrile industry and its derivatives. Led by Simon Garmston, founder of PCI Acrylonitrile, the company also provides annual market analysis as well as consulting services and hosts a key industry event focused on the acrylonitrile sector.

“The acquisition of PCI Acrylonitrile is a tremendous addition to our industry-leading chemical market advisory service covering the fibers and plastics businesses,” said Scott Key, IHS president and CEO. “The acrylonitrile analysis, combined with our IHS Chemical olefin, propylene market and special reports coverage, as well as the upstream market coverage we deliver at IHS, will provide unparalleled integrated analysis that is essential to our customers. We are excited to welcome Simon Garmston, who is recognized globally for his expertise in this highly specialized, but strategically important and growing chemical market.”

Acrylonitrile is an essential component for the production of fibers and polyacrylonitrile (PAN), a versatile, high-strength polymer (plastic) resin used to produce a variety of products in both civilian and military applications. PAN fibers are used to manufacture clothing and other ‘acrylic-based’ products. Additionally, PAN is used to produce high-quality carbon fibers, which are essential to high-tech communications infrastructure and production of aircraft, filtration systems, missiles, industrial and technology components, as well as numerous consumer goods.

USA, Englewood, CO & UK, London

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Ask.com acquires Ask.fm

August 14, 2014 — Fusion DigiNet

Ask.com, an operating business of IAC, has acquired Ask.fm, the Q&A social network. Terms of the deal were not disclosed.

“This acquisition extends Ask.com’s Q&A brand leadership to Ask.fm’s massive mobile-focused social platform,” said Doug Leeds, chief executive officer, Ask.com. “It’s a natural entry into a market segment and platform where Ask.com has been looking to expand.”

Ask.fm was not previously affiliated in any way with Ask.com or its parent company IAC. In connection with the transaction, existing outside Ask.fm investor Rubylight will retain a minority interest in the business. Ask.fm’s founders will no longer be involved in its operations or retain any equity. Catherine Teitelbaum, former director of global safety and product policy for Yahoo!, has been appointed Chief Trust and Safety Officer at Ask.fm. Annie Mullins will lead Ask.fm’s safety efforts in the United Kingdom and Europe, working closely with Teitelbaum.

In connection with pursuing the acquisition, Ask.com partnered with New York Attorney General Eric Schneiderman and Maryland Attorney General Doug Gansler in the creation of parallel agreements under which Ask.fm will implement a set of best practices focused on increasing the safety of its services. Announced today, the agreements underscore Ask.com’s commitment to partnering with government and law enforcement in an effort to create a safer and more engaging product experience.

“Today’s agreement shows once again that regulators can work with technology companies both to encourage innovation and protect consumers, including our youngest digital citizens,” said Attorney General Schneiderman in a statement today. “I applaud Ask.com’s leadership in working with our office to design a program that protects Ask.fm users from cyberbullying and other harmful content. We would hope that this collaboration serves as a useful model for other companies in the digital space.”

USA, Oakland, CA

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Bauer Media sets up €100M fund to be invested in European digital businesses

August 5, 2014 — Fusion DigiNet

bvpBauer Media, one of the biggest media companies in Europe , has set up a €100 million fund to be invested in European digital businesses over the next ten years. The fund will be operated via a new VC arm, called Bauer Venture Partners (BVP).

BVP is looking for best in class tech companies and do not exclude any specific branches. They also say they are “We are stage-agnostic”. They will finance businesses in different stages (seed, early-stage, growth). They are looking for highly scalable business models in Europe.

Andreas Schoo, Member of the Executive Board of the Bauer Media Group, said the fund will give them access to “new technologies, teams and innovations in the digital field.”

Thomas Preuss, previously of German early-stage VC firm Neuhaus Partners, will act as managing partner for Bauer Venture Partners.

Germany, Hamburg

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NewBay Media acquires AV-IQ from InfoComm International

August 4, 2014 — Fusion DigiNet

New bay mediaMagazine and website publisher, NewBay Media has acquired AV-IQ from InfoComm International,  the international trade association representing the professional audiovisual and information communications industries.

AV-IQAV-IQ is a comprehensive online resource for the pro-AV industry that includes equipment database, case studies, local service directories, product comparison tools, and more. It features My-iQ, a personalised, cloud-based industry information resource that allows users to select sources, choose their own content, decide when to receive alerts, manage their own project lists, and search current and historical data by brand, product type, or date.

“We are excited to have this unique, valued resource join our industry-leading AV and IT focused portfolio of brands and services,” says Steve Palm, CEO, NewBay Media. “The addition of AV-IQ immediately strengthens our ability to serve the commercial AV market, and expands NewBay’s data, analytics and lead generation capabilities.”

The AV-IQ team has joined NewBay and will continue to be based out of its Minneapolis, MN offices. Management of AV-IQ will be handled by Adam Goldstein, EVP/Group Publisher, NewBay Media AV/Pro Audio, and Robert Ames, VP/Corporate Director of Digital Media.

USA, New York & Minneapolis, MN

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