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UBM to raise 565 million pounds via rights issue to fund Advanstar deal

Published 06/11/2014, 07:45
Updated 06/11/2014, 07:50
UBM to raise 565 million pounds via rights issue to fund Advanstar deal

(Reuters) - Communications and events company UBM Plc said on Thursday it intended to raise about 565 million pounds via a rights issue, to help it part-fund its acquisition of trade show organiser Advanstar Communications.

The company said it would issue 196.7 million shares, representing about 80 percent of its existing issued share capital, or 44.4 percent of the enlarged issued share capital.

UBM announced in October that it would buy Advanstar for $972 million in cash, becoming the top events organiser by revenue in the United States.

(Reporting by Esha Vaish in Bangalore; Editing by Sunil Nair)

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