UBM sells PR Newswire to Cision for $841 mln

December 15, 2015 7:24 AM

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Dec 15 UBM Plc said it had agreed to sell its press release distributor PR Newswire to Cision, a business controlled by GTCR Canyon Holdings, for $841 million.

UBM, which has been looking to sell the business since April, said it would return 245 million pounds ($371.6 million) of proceeds to shareholders as special dividend and use the remaining for bolt-on acquisitions.

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