Informa plc (LSE:INF) entered into an agreement to acquire Penton Business Media Holdings, Inc. from the senior management, MidOcean Partners, Wasserstein & Co. and other shareholders for $1.6 billion on September 15, 2016. Under the terms of the transaction, Informa will acquire the entire issued and outstanding capital stock and options of Penton and pay cash consideration of $1.5 billion, to be funded through a combination of debt and equity, including a fully underwritten rights issue of $943.7 million, $675 million through utilization of the acquisition facility and $67.8 million from cash in hand. For the year ended 2015, Penton posted turnover of $368.1 million, total assets of $699.6 million, operating profit of $15.9 million, net income of $34.2 million and net assets of $99.3 million. Patrick Martell, the Chief Executive Officer of Business Intelligence Division of Informa will work in transition with the current Chief Executive Officer of Penton, David Kieselstein. This transition partnership will see Patrick become Chief Executive Officer of Penton. Charlie McCurdy, Chief Executive of the Global Exhibitions Division, will work alongside Patrick to oversee the enlarged exhibitions business. The transaction is subject to Informa's shareholders' approval, admission of right issue, Hart-Scott-Rodino approval, and other completion clearances. Informa Board considers the terms of the acquisition to be in the best interests of Informa and its shareholders as a whole. Accordingly, the Informa Board recommends that Informa Shareholders vote in favour of the deal to be put to the general meeting. As announced on October 10, 2016, the deal was approved by shareholders of Informa. As of October 20, 2016, the acquisition was granted approval under the Hart-Scott-Rodino Antitrust Improvements Act. The acquisition is expected to complete by early November 2016. Long-stop termination date of the deal is December 15, 2016 and is anticipated to be earnings accretive in the first full financial year ending December 31, 2017. Morgan Stanley & Co. International plc, Centerview Partners UK, LLP, Warner Mandel, Alexandre Mathe, Richard Sedlacek, Christian Savvides, Peter Nicklin and Noel Monro of N.M. Rothschild & Sons and Barclays Bank plc acted as financial advisors on the transaction for Informa. Tim Burt, Samantha Cohen and Ben Foster of Teneo Strategy acted as public relations contacts on the deal for Informa. Mark Director, Andrew Herman, Christopher Field, Meredith Klionsky, Thomas Evans, Michael Krasnovsky, Ashley McCarthy, Matthew Antinossi, Paula Riedel, Tom Bartram, Megan Sweeney, Cillian Moynihan, Jane Scobie, Alison Skaife, Kurt Wunderlich, Jungje Choi of Kirkland & Ellis LLP acted as legal advisor to Penton and MidOcean Partners. Jones Day acted as legal advisor to Wasserstein. Steven Fox, Benjamin Sibbett, Timothy Cornell, Michael Bates, John Connolly, Robert Trefny, Howard Adler, Philip Wagman, Sonia Gilbert, Nick Mace and Katherine Moir of Clifford Chance LLP and Clifford Chance, New York acted as legal advisors to Informa. Computershare Investor Services acted as registrars and Barclays Bank PLC acted as financial advisor to Informa. N M Rothschild & Sons Limited acted as financial advisor for Informa plc. Steven Fox, Adrian Cartwright, Benjamin Sibbett, Howard Adler, John Connolly, Michael Bates, Philip Wagman, Robert Trefny, Timothy Cornell, Alan Kravitz, Andrew Young, Bhavin Bhatt, Carolyn Tan, Christine Kim, Daryl Fairbairn, Erik O'Connor, Janice Chan, Jennifer Saionz, Manav Melwani, Mark Sheehy, Michelle Chebli, Nicholas Newman, Tony Lally, Victoria Manthas, William Chew, Alison Kiernan, Brian Concklin, David Brevda, Isaac Stewart, Joseph Cooper, Julia House , Katherine Moir and Lisa Wang of Clifford Chance LLP acted as legal advisors for Informa PLC. Andrew Levine and Ben Grossman from Jones Day acted as the legal advisor for Wasserstein & Co. Centerview Partners acted as financial advisor to Informa plc. morgan Stanley acted as financial advisor to Informa plc. Regent Associates acted as financial advisor in this transaction.