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Events organiser UBM buys US rival Advanstar for $972 mln
October 1, 2014 / 6:43 AM / 3 years ago

Events organiser UBM buys US rival Advanstar for $972 mln

Oct 1(Reuters) - Communications and events company UBM Plc said it would acquire Advanstar Communications, a privately-held trade show organiser, for $972 million in cash to increase its focus on the events business in North America.

The company also announced a rights issue of 563 million pounds ($912 million) to help fund the deal.

UBM, which also owns PR Newswire, said on Wednesday that the deal would increase its events revenue by 135 million pounds from the 463 million pounds it reported for 2013.

The transaction is expected to add to earnings per share in 2015 pre-synergies, UBM said.

1 US dollar = 0.6173 British pound Reporting by Noor Zainab Hussain in Bangalore; Editing by Sunil Nair

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