October 1, 2014 / 6:18 AM / 3 years ago

BRIEF-Events organiser UBM to buy Advanstar for $972 mln

Oct 1 (Reuters) - UBM Plc :

* Acquisition of Advanstar Communications and rights issue

* Announces proposed acquisition of entire issued and outstanding capital stock of Advanstar Communications for total cash consideration of $972 million (599 million stg)

* Increases UBM’s focus on events, raising 2013 events revenue from 463 million stg by a further 135 million stg

* Expected to be immediately EPS accretive in 2015, even pre-synergies

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

* Consideration and UBM’s transaction expenses will be financed from a planned 563 million stg rights issue and a new $100 million UBM bridge facility

* Transaction is expected to allow UBM to reduce financial leverage with an immediate reduction in net debt/EBITDA

* Rights issue is expected to be launched in November 2014, subject to approval of acquisition by shareholders Source text for Eikon: Further company coverage:

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