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Events organiser UBM buys US rival Advanstar for $972 million

Published 01/10/2014, 08:03
Updated 01/10/2014, 08:10
Events organiser UBM buys US rival Advanstar for $972 million

(Reuters) - Communications and events company UBM Plc (L:UBM) said it would acquire Advanstar Communications, a privately-held trade show organiser, for $972 million (£599.76 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 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.

(Reporting by Noor Zainab Hussain in Bangalore; Editing by Sunil Nair)

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