Hansen acquires PPL Solutions

July 1, 2016 — Fusion DigiNet

Hansen Technologies Limited has acquired PPL Solutions, LLC from NYSE listed PPL Corporation). The purchase price is expected to represent approximately 4 times Solutions’ EBITDA, and will be funded from Hansen’s internal cash resources.

Headquartered in Bethlehem, Pennsylvania, PPL Solutions provides billing, business processing outsourcing (“BPO”), call centre and information technology services to competitive electric and gas suppliers and regulated utilities in the US. The business has 230 staff, with the majority of these located at PPL Solutions’ call centre facility in Hazelton, Pennsylvania.

PPL Solutions is a strategically attractive business that is strongly aligned with Hansen’s key acquisition criteria: it sits within Hansen’s core billing & customer care business; owns the intellectual property in its billing software; has recurring revenue streams; and extends Hansen’s footprint into a new market segment in the US. The PPL Solutions business adds business process outsourcing, customer care and Software-as-a-Service to Hansen’s portfolio of Electricity, Gas and Water products.

PPL Solutions is expected to represent approximately 7% of the combined Hansen worldwide EBITDA. Given the BPO nature of the Solutions business and the services provided, the business operates on margins below  those historically achieved by Hansen.

Australia, Victoria & USA, Bethlehem, PA

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Microsoft to acquire LinkedIn for $26.2 billion

June 14, 2016 — Fusion DigiNet

LinkedIn acquisitionMicrosoft Corp. is to acquire LinkedIn for $196 per share in an all-cash transaction valued at $26.2 billion, inclusive of LinkedIn’s net cash. A large premium over the company’s recent public valuation.

In their announcement, Microsoft said LinkedIn will retain its distinct brand, culture and independence.

Jeff Weiner will remain CEO of LinkedIn, reporting to Satya Nadella, CEO of Microsoft. Reid Hoffman, chairman of the board, co-founder and controlling shareholder of LinkedIn, and Weiner both fully support this transaction. The transaction is expected to close this calendar year.

USA, Redmond, WA & Mountain View, CA

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UBM divests electronics media portfolio

June 3, 2016 — Fusion DigiNet

UBMUBM plc has sold its electronics media portfolio to the distributor Arrow Electronics Inc. for $23.5 million in cash.

The portfolio comprises the US and Asian versions of EE Times, EDN, ESM, Embedded, EBN, TechOnline and Datasheets.com.  In 2015 these assets generated revenues of $19 million. $16 million from online and $3 million from print.  The sale is subject to customary closing conditions and regulatory clearance in China.

Tim Cobbold, CEO of UBM plc, said: “In line with our ‘Events First’ strategy this transaction further improves the alignment between our portfolio of Events and Other Marketing Services.”

UK, London & USA, New York, NY

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UBM buys Business Journals Inc for $69M

April 22, 2016 — Fusion DigiNet

BJIUBM plc has acquired the Business Journals Inc (BJI), a producer of fashion trade shows in New York and Las Vegas, for $69m in cash.

BJI serves the men’s apparel and women’s apparel and accessories markets under the following tradeshow brands: AccessoriesTheShow, EDIT, FAME, Moda, MRket and Stitch.  These shows run multiple times a year and in some cases are located in the same venues as UBM shows.  BJI also operates several websites and publications serving the fashion sector.

In 2015, BJI’s revenues were approximately $40m – $33m from Events and $7m from Other Marketing Services.The company is expected to make a modest post tax contribution this year.

Tim Cobbold, CEO of UBM plc, said:

“We are delighted to have acquired BJI. This transaction is very much in line with our ‘Events First’, strategy. It adds to our presence in North America and also in the fashion sector, both of which were already strong following UBM’s acquisition of Advanstar at the end of 2014. We see excellent opportunities to deliver an improved experience for customers and to realise the operational benefits which scale will bring.”

UK, London & USA, Norwalk, CT

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Sovrn acquires UK advertising technology OnScroll

April 20, 2016 — Fusion DigiNet

sovrnSovrn Holdings, Inc.has acquired UK-based online advertising technology company OnScroll. The terms of the deal were not disclosed.

The acquisition brings to Sovrn OnScroll’s in-view ad technology as well as international expansion with an experienced London based team.

onscrollPublishers using OnScroll are able to provide advertising inventory that is viewable while the reader is actively engaged. They are also able to measure and respond to user engagement time. Buyers can utilise their specific viewability requirements.

The OnScroll team has a substantial base of professional publishers in the UK and will instantly provide Sovrn a large European market. OnScroll co-founder Andy Evans will lead Sovrn’s team in the UK and Europe as Managing Director. Co-founder Babac Vafaey will assume the role of Vice-President of Business Operations for the UK and Europe.

“With this deal, Sovrn gains an incredibly smart and dedicated group of people committed to helping publishers capture more value from the attention they create,” said Walter Knapp, CEO of Sovrn. “Andy, Babac, and the entire OnScroll team have created a fantastic product and perhaps even more importantly they are 100% culturally aligned to our mission of helping professional publishers succeed.”

Sovrn will integrate the OnScroll technology into the its Meridian platform so all publishers can access OnScroll technology for display, video and mobile advertising inventory as well as reporting on active reader engagement.

USA, Boulder, CO & UK, London

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Experian to acquire CSIdentity Corporation

April 20, 2016 — Fusion DigiNet

experianExperian is to acquire CSIdentity Corporation, a provider of consumer identity management and fraud detection services, $360 million.

Founded in 2006, CSID uses its patent-protected technology to access a variety of data and scours the internet in real-time to monitor websites, blogs, bulletin boards and chat rooms to identify the illegal trading and selling of personal information. It provides a range of services, including credit data, to notify consumers of potential abuse of their identities and that their digital identity information is being actively sold or traded on the internet. This helps consumers to take action to protect themselves.

csid-logo-60CSID’s clients include information services companies, retailers, financial institutions, insurance companies and other institutions with large customer or membership bases.

Experian’s ProtectMyID product alerts consumers to potential abuse of their identity information when new credit enquiries are made and accounts are opened in their names. CSID enables us to move beyond credit monitoring and enrich our offer to create a superior identity protection service. This two-level approach, using both credit and identity information, means we will proactively inform a consumer that their identification data has been compromised and advise that stolen identity information is actively being used in credit enquiries.

Taking into account the full year revenue from recent contracted client wins, we expect the acquisition of CSID to add annualised incremental revenues of approximately US$120m and EBIT of approximately US$30m for the year ending 31 March 2017. Experian expect to report one-off integration costs of US$8m in the first 12 months.

Brian Cassin, Chief Executive Officer of Experian said: “The acquisition of CSID accelerates execution of our Consumer Services strategy and enables us to address a broader spectrum of the consumer market.”

CSID is being acquired from private equity and other investors, management and employees and will form part of Experian Consumer Services in North America.

UK, London & USA, Austin, TX

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Euromoney sells Gulf Publishing Company and the Petroleum Economist

April 1, 2016 — Fusion DigiNet

Euromoney plcEuromoney Institutional Investor PLC, the international online information and events group, is selling its energy publishing businesses, Gulf Publishing Company in Houston and the Petroleum Economist in London, to a consortium led by Gulf’s CEO, John Royall and media investor Russell Denson, for a cash consideration of $18 million. Euromoney has owned Petroleum Economist since 1989 and Gulf since 2001. The transaction is expected to close on April 30, 2016.

Commenting on the announcement, Euromoney CEO Andrew Rashbass, said: “In line with our strategy, we are selling these businesses because they are not core for us. We believe the new owners, with their base in Houston, Texas, are better positioned to develop these businesses. John Royall has been a valued and respected colleague at Euromoney. I have no doubt he will continue to show outstanding leadership of these businesses under their new ownership.”

John Royall said: “Euromoney has been a great home to these businesses. We and our partners look forward to building an independent and innovative media company that will take advantage of opportunities in the global energy industry.”

UK, London & USA, Houston, TX

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WPP acquires healthcare media specialist CMI in the US

March 29, 2016 — Fusion DigiNet

wppWPP has acquired Communications Media, Inc., one of the largest healthcare media agencies in the US. The terms of the deal were not disclosed.

CMI’s unaudited revenues were US$38 million as of December 31, 2015. Its clients include 10 of the top 20 pharmaceutical advertisers in the United States and overall it represents 340 brands among 51 clients. CMI employs more than 210 people and is based in King of Prussia, PA, with offices in New York, Philadelphia, and Pennsauken, NJ. It was founded in 1989.

CMI a provider of media investment management and non-sales force promotional strategy, planning, customer insights and data solutions to the healthcare and life sciences industries. As part of the acquisition, Ogilvy CommonHealth Medical Media, the media practice of WPP’s wholly-owned Ogilvy CommonHealth Worldwide, will become part of CMI. CMI will become a media investment management hub for GroupH, parent company for WPP’s healthcare specialist companies.

UK, London & USA, King of Prussia, PA

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IHS and Markit to merge

March 21, 2016 — Fusion DigiNet

ihsmarkitFinancial data companies IHS and Markit are merging. Based on the closing prices of IHS and Markit common stock on March 18, 2016, the implied equity value of the transaction is more than $13 billion. The deal is expected to close in the second half of 201

The combined company will be renamed IHS Markit and will be headquartered in London and have operations based in Englewood, Colorado. IHS shareholders will own approximately 57 percent and Markit shareholders will own approximately 43 percent of the combined company.

The combined company’s reported results for fiscal year 2015 include approximately: $3.3 billion in revenue, $1.2 billion in adjusted EBITDA, and $800 million in free cash flow. IHS Markit will have more than 50,000 key customers.

IHS makes most of its revenues from energy and automotive data, while Markit focuses on financial information and is best known for its purchasing managers’ index.

Jerre Stead, IHS Chairman and Chief Executive Officer, will assume the role of Chairman of the Board of Directors and Chief Executive Officer of IHS Markit. Lance Uggla, Chairman and Chief Executive Officer of Markit, will be President and a member of the Board of Directors.

Uggla will assume the role of Chairman of the Board of Directors and Chief Executive Officer of IHS Markit when Stead retires on December 31, 2017. The Board of Directors of the combined company will be comprised of 11 members, with IHS designating six members (including the chairman) and Markit designating five members (including the lead director) from their current boards.

UK, London & USA, Englewood, CO

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A Fusion Deal: Incisive Media’s Legal Week sold to ALM

January 12, 2016 — Fusion DigiNet
ALM-Publications

ALM publications

Incisive Media‘s Legal Week, a U.K.-based business-to-business publisher, has been sold to ALM. Fusion Corporate Partners acted as corporate advisor for Incisive Media. The Fusion team was led by Paul Slight, Director at Fusion. The terms of the deals were not disclosed.

ALM, which publishes The American Lawyer, Corporate Counsel, The National Law Journal, The New York Law Journal and other legal and business publications including Law.com and The Am Law Daily, said that the deal is its fourth acquisition since the company was purchased by the private equity firm Wasserstein & Co. in July 2014.

“This acquisition is an important next step as we expand our offerings into key international markets,” said Bill Carter, CEO of ALM. “Legal Week has a strong audience base in Europe and Asia, and an impressive collection of industry events.”

Legal Week has shared the same corporate umbrella as ALM before. In 2007, Incisive bought ALM from Wasserstein & Co. for $630 million.

Two years later, Incisive defaulted on its debt amid the global financial crisis, prompting the company’s lenders, private equity firm Apax Partners and The Royal Bank of Scotland, to take control of ALM. At the time, Legal Week remained part of Incisive, and the London-based company has been in ongoing talks with RBS and other lenders about reorganizing its debt. (Legal Week reported last year that Magic Circle firm Freshfields Bruckhaus Deringer had London-based Macfarlanes had lead advisory roles in Incisive’s refinancing.)

In 2014, Apax and RBS sold ALM back to Wasserstein & Co. for a reported $417 million. Later that year ALM acquired Kennedy Consulting Research & Advisory, and ALM then paid another $40 million in early 2015 to buy legal and insurance publisher Summit Professional Networks. Last summer, ALM agreed to acquire China Law & Practice from Euromoney Institutional Investor PLC for an undisclosed sum.

ALM’s president of legal media, Lenny Izzo, said the company is not planning additional acquisitions at this time, though it isn’t ruling out the idea. He said no layoffs were planned as a result of the Legal Week acquisition, adding that the move was “about strengthening our position in key markets, rather than realizing cost reductions.”

Like many media companies, ALM has seen recent reductions in staff. In April, the company filed a notice with the state of New York indicating that 61 staffers would be laid off between July and September.

Over the last four years, the legal news industry has reorganized amid a series of deals.

In 2011, Bloomberg LP bought The Bureau of National Affairs, a private information provider for clients in government, business and academia, for $990 million. The following year, LexisNexis paid $150 million to purchase Portfolio Media, the parent company of Law360. Meanwhile, the legal magazine California Lawyer closed its doors in October.

For its acquisition of Legal Week, ALM was advised by Jones Day, which has a long-standing client relationship with Wasserstein & Co. Jones Day advised the private equity firm when it initially bought ALM in 1997 and when it sold ALM a decade later. Incisive was advised by the London-based firm Macfarlanes.

Aside from publishing legal news and analysis, Legal Week organizes events, including Legal Week Private Client Forum, Trust & Estates Litigation Forum and Strategic Technology Forum, among others.

Legal Week and Incisive were represented by Paul Slight, Director at Fusion Corporate Partners (UK) Limited.

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Recent Fusion transactions include:

Media & Business Information

Business Support Services and Energy & Environmental Services

Exhibitions & Conferences

Healthcare

Broadcast

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