Prism Business Media Announces Agreement to Purchase Penton Media, Inc.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Prism Business Media Holdings, Inc., a leading business-to-business media company, today announced the signing of an agreement to purchase Penton Media Penton Media, Inc. (OTC: PTON.OB), founded in 1892, is a diversified business-to-business media company. Penton Media is a mass media corporation that publishes and produces over 40 magazines, 80 trade shows, and 47 web sites. , Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : PTON) for aggregate consideration payable to Penton's stockholders of $194.2 million. The total value of the transaction, including the assumption or repayment of the expected debt at closing, is approximately $530 million. The closing will take place following standard U.S. regulatory approval and satisfaction of other normal conditions
"We are extremely pleased to have reached an agreement that will bring together two of the most respected names in business-to-business media," said Anup Bagaria, Vice Chairman of Wasserstein & Co. "We have great confidence that the momentum exhibited by both companies over the past year will continue to grow." "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 John French, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Prism. "Both companies share a tradition of success, innovation and customer service that provides a solid foundation for the future." Financing sources for the transaction include UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System , J. P. Morgan Securities Inc. and GE Commercial Finance. Morrison Cohen cohen or kohen (Hebrew: “priest”) Jewish priest descended from Zadok (a descendant of Aaron), priest at the First Temple of Jerusalem. The biblical priesthood was hereditary and male. LLP LLP - Lower Layer Protocol and Jones Day provided legal advice to Prism on the transaction and its financing. DeSilva & Phillips provided financial advisory services advisory services advisory services provided to the public, in their capacity as owners and managers of animals, are an important part of veterinary science. They may be provided by government bureaux, by commercial companies who deal in pharmaceuticals or animals or animal to Wasserstein & Co. Additional information regarding the transaction may be found in a Current Report on Form 8-K Form 8-K The form required by the SEC when a publicly held company incurs any event that might affect its financial situation or the share value of its stock. Form 8-K See 8-K. that will be filed November 2, 2006 by Penton Media, Inc. About Prism Business Media Prism Business Media Inc. is a leader in business-to-business communication and information, connecting qualified buyers and sellers in 20 industry sectors. Prism's growing portfolio of market-leading brands spans 70 magazines, 170 e-newsletters, 17 industry trade shows and more than 500 rich data products. Each month, more than 3.3 million unique visitors A count of how many different people access a Web site. For example, if a user leaves and comes back to the site five times during the measurement period, that person is counted as one unique visitor, but would count as five "user sessions. utilize Prism Web sites and services. Prism Business Media is owned by U.S. Equity Partners II, an investment fund sponsored by Wasserstein & Co., LP, and by co-investors Highfields Capital Management and Lexington Partners. For additional information on the company and its businesses, visit www.prismb2b.com. About Penton Media Penton Media, Inc. (http://www.penton.com/), a diversified business-to-business media company, provides high-quality content and integrated marketing solutions to the following industries: aviation; business technology Enterprise Information Technology; design/engineering; electronics; food/retail; government/compliance; hospitality; manufacturing; mechanical systems/construction; and natural and organic products. Penton produces market-focused magazines, trade shows, conferences, and online media and provides a broad range of custom media and direct marketing solutions for business-to-business customers worldwide. About Lexington Partners Lexington was founded in 1994 to provide liquidity to private equity investors interested in selling limited partnership interests. Today, Lexington is the largest independent manager of secondary private equity capital with $10 billion of committed capital. The firm's seven secondary funds purchase buyout, venture capital and mezzanine limited partnership interests globally. Lexington also invests in primary partnership funds and has committed to more than 100 new partnerships over the last nine years. In 1998, Lexington formed Co-Investment Partners, an investment partnership with current capital of $1.5 billion. Since 1998, Co-Investment Partners has invested over $1 billion in more than 50 private equity transactions. About Highfields Capital Management Highfields Capital Management LP is a Boston-based investment management firm that manages private investment funds primarily owned by institutional and private charitable foundations, school endowments and other institutional and private investors. The firm primarily makes long-term equity investments in securities of both public and private companies in the U.S., Canada and in foreign markets. It also invests in long-term mezzanine or other debt financing Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay to fund business acquisitions or growth and has participated in leveraged buy-outs, venture investments and recapitalizations. Highfields was founded in 1998 and currently manages approximately $9 billion in investment funds. About Wasserstein & Co. Wasserstein & Co., LP is a leading independent private equity and investment firm, focused primarily on leveraged buyout leveraged buyout, the takeover of a company, financed by borrowed funds. Often, the target company's assets are used as security for the loans acquired to finance the purchase. investments and related investment activities. The Firm manages capital on behalf of its institutional and individual investors, including public and corporate pension funds, foreign governmental entities, endowments and foundations, and high net worth individuals. The Firm historically has made investments in media, consumer products and other industry sectors. Representative historical media investments have included ALM Media, Hanley Wood, Real Estate Media, The Deal, New York Magazine and IMAX IMAX Noun a film projection process that produces an image ten times larger than standard . |
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