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UBM agrees to sell PR Newswire for US$841m to Cision

[HELSINKI] UBM, the UK event and marketing services provider, agreed to sell its news-release distribution service PR Newswire for US$841 million to GTCR's Cision to focus on its events business.

UBM will get $810 in cash and $31 million in preferred equity, its said Tuesday in a statement. The London-based company plans to return 245 million pounds (S$522 million) to shareholders as a special dividend.

The sale is set to transform UBM into a company focusing on the "high growth global events sector," it said. UBM said it plans to use some of the proceeds for acquisitions.

Cision is a news-release service owned by Chicago-based private-equity firm GTCR.