New York -- Prism Business Media yesterday announced plans to acquire Penton Media, adding more than 80 conferences and trade shows combined to its line-up of 17 events.
The deal, valued at about $530 million, also includes 50 trade publications. Among Penton's titles are Lodging Hospitality and Restaurant Hospitality. The publicly traded company additionally focuses on aviation, business technology, natural products, and supply chain management, among other industries.
"Together, Penton and Prism provide a compelling combination of leading brands and integrated media products for business readers and marketers across a wide diversity of vertical industry segments," said Prism chief executive John French in announcing the purchase agreement.
Prism's portfolio of 70 publications includes five magazines focusing on the meetings industry: Association Meetings, Corporate Meetings & Incentives, Financial & Insurance Meetings, Medical Meetings, and Religious Conference Manager. Prism also operates more than 100 websites and about 150 electronic newsletters.
Prism is owned by U.S. Equity Partners II, an investment fund sponsored by Wasserstein & Co., and by co-investors Highfields Capital Management and Lexington Partners.
The deal, $194 million in cash and about $336 million in debt, is expected to close in the first half of next year.
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