UBM plc completed the acquisition of Advanstar Communications Inc. from Advanstar, Inc., Anchorage Capital Group, L.L.C., Veronis Suhler Stevenson and others.
December 19, 2014 at 04:00 am
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UBM plc (LSE:UBM) entered in an agreement to acquire Advanstar Communications Inc. from Advanstar, Inc., Anchorage Capital Group, L.L.C., Veronis Suhler Stevenson and others for approximately $970 million in cash on October 1, 2014. The deal is being financed by a right issue of $913.67 million (£563 million) to be launched in November 2014 and through a new bridge facility for $100 million. Post acquisition Advanstar Communications will become wholly owned subsidiary of UBM. In case of termination UBM will pay termination fees of $23.2 million to Advanstar.
For the year ending, December 31, 2013, Advanstar had $291 million as revenues, gross assets of $589 million and EBITDA of $83 million. Post acquisition Joe Loggia of Advanstar will continue as Chief Executive Officer of Advanstar Communications and shall report to UBM Chief Executive Officer Tim Cobbold alongwith remaining Advanstar team. The deal is subject to approval by shareholders of UBM of the acquisition and completion of rights issue. The deal is subject to approval by regulatory and antitrust bodies. The Board of Directors of UBM have approved the transaction and recommend the shareholders to vote in favor of the transaction. The deal is expected to complete by December 2014. The deal is accretive to earning per share. As on October 20, 2014, Federal Trade Commission approved the transaction.
Thomas White, Nicholas Hall and Hugo Baring of J.P. Morgan Cazenove acted as financial advisors to UBM. Gillian Sheldon, Michael Taylor and Stuart Field of Credit Suisse acted as corporate broker to UBM. Goldman Sachs & Co. and Moelis & Company served as financial advisors and Paul, Weiss, Rifkind, Wharton & Garrison LLP and Slaughter and May acted as legal advisors to Advanstar. Terrence Dugan, Iain Wright, Craig Bitman, Gary Rothstein, Matthew Howse, David McManus, Barbara Miller, Richard Zarin, Karen Butcher, Harry Robins, Judith Walkoff, Lisa Campisi, Kathleen Martin, Jessica Berkey, Sariyah Buchanan, Martin d'Halluin, Ann-Marie Davies, Gina Lauriero, Andrew Milano, Nicholas Mueller, Tyler Probst, Andriette Roberts and Joseph Washington of Morgan, Lewis & Bockius LLP acted as legal advisor for UBM. The currency conversion was done from www.oanda.com dated October 1, 2014. Gideon Moore, Ian Callaghan and William Evans of Linklaters LLP acted as legal advisor to J.P. Morgan Limited, J.P. Morgan Europe Limited and JPMorgan Chase Bank, N.A. Jon Coles, Andy Rivett-Carnac & Craig Breheny of Brunswick Group LLP acted as PR advisor to UBM plc.
UBM plc (LSE:UBM) completed the acquisition of Advanstar Communications Inc. from Advanstar, Inc., Anchorage Capital Group, L.L.C., Veronis Suhler Stevenson and others on December 19, 2014.
Ares Management Corporation is an alternative investment manager offering clients complementary primary and secondary investment solutions across various asset classes. Its segments include Credit Group, Private Equity Group, Real Assets Group, Secondaries Group, and Other. The Credit Group segment manages credit strategies across the liquid and illiquid spectrum, including liquid credit, alternative credit, direct lending and APAC credit. The Private Equity Group segment categorizes its investment strategies as corporate private equity, special opportunities and APAC private equity. The Real Assets Group segment manages comprehensive equity and debt strategies across real estate and infrastructure investments. The Secondaries Group segment invests in secondary markets across a range of alternative asset class strategies, including private equity, real estate, infrastructure and credit. Its subsidiaries include Ares Holdco LLC, Ares Holdings L.P., Ares AMWH Holdings, Inc., and others.
UBM plc completed the acquisition of Advanstar Communications Inc. from Advanstar, Inc., Anchorage Capital Group, L.L.C., Veronis Suhler Stevenson and others.