Media communications company Cision, backed by private equity firm GTCR, has agreed to purchase press release distributor PR Newswire from UBM plc for $841 million.
PR Newswire is a news distribution service that has more than 30,000 clients. Cision provides cloud-based public relations software. UBM, based in London, is a marketing events organizer.
“This is an exciting acquisition for Cision and one that we have been pursuing for some time,” says GTCR managing director Mark Anderson.
Chicago-based GTCR acquired Cision in 2014 and the company has been expanding via acquisitions since. In 2014, GTCR purchased public relations software provider Vocus and combined it with Cision. In that same year, Cision bought media data services company Gorkana Group. GTCR won Mergers & Acquisitions’ M&A Mid-Market Private Equity Firm of the Year Award for 2013 after it raised its 11th fund with $3.85 billion in equity capital.
Kirkland & Ellis is representing GTCR and Cision. Morgan Lewis & Bockius LLP is advising UBM. Cision is receiving financing from Deutsche Bank Securities Inc. (NYSE: DB), RBC Capital Markets and Barclays plc (LON: BARC).