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PR Newswire To Get About Billion Dollar Bid From Apax

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So say a story in UK’s Times: PR Newswire, among the biggest press release distribution service and owned by UK-based B2B firm United Business Media, is about to get a bid for about a billion dollars from PE group Apax, reports Sunday Times in UK, citing sources. However UBM spokesperson told Reuters that there are “no current discussions underway at UBM”.
UBM has consistently said that are no synergies between PRN, which distributes corporate press releases, and its technology publishing arm or its exhibition business (mainly CMP Media). The unit nevertheless generates considerable cashflow for UBM, and analysts at ABN AMRO valued PRN at $1.2 billion earlier in November, but said there was doubt UBM would sell its best-performing asset while CMP unit was suffering revenue declines.