Report: UBM Moving Towards Sale of PR Newswire
The Sunday Times published a report stating that UBM plc is moving ahead with plans to sell its PR Newswire division. The asset disposal is expected to result in UBM netting approximately US$750 million. PR Newswire is a leading global distributor of press releases, publicity material and marketing news.
PR Newswire is forecast to post revenues of US$320 million this year and deliver profits of US$87 million. The Sunday Times also reported that U.S.-based investment bank, Evercore, had been appointed to manage the sale and that private equity firm, GTCR was expected to be a leading bidder.