October 22, 2019 / 1:10 PM / a month ago

PR Newswire owner Cision to be taken private for $2.74 billion

(Reuters) - PR Newswire owner Cision Ltd CISN.N will be acquired by an affiliate of private equity firm Platinum Equity in an all-cash deal valued at $2.74 billion, the company said on Tuesday.

The offer represents about 18% premium to Cision’s Monday closing price of $8.45.

Earlier this year, Reuters reported reut.rs/2Xzk6UJ that the company was in talks with private equity firms for a potential sale.

The deal is expected to close in the first quarter of 2020, Cision said in a statement.

The company also said it will not host a quarterly earnings call for its third quarter ending Sept. 30.

Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur and Shinjini ganguli

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