Wasserstein sells American Lawyer unit

Incisive Media, a British business news provider, said Thursday it will pay about $630 million to buy the publisher of The American Lawyer and other titles as it seeks to boost its product range and strengthen its foothold in North America.

Incisive's all-cash purchase of American Lawyer Media Holdings Inc., expected to close in the third quarter, ends a decade of control by New York financier and buyout specialist Bruce Wasserstein's private equity firm, Wasserstein & Co.

ALM President and Chief Executive William Pollak said the deal follows a "very robust auction" that drew attention from multiple bidders. He said Incisive's strength on the Web and its expertise in the areas of financial services and risk management complement ALM's existing operations.

In March, Wasserstein & Co. said it had retained Credit Suisse to advise it on exploring strategic alternatives of ALM, including a possible sale.

That decision followed earlier overtures by Incisive, which began pursuing ALM last year, said Incisive founder and CEO Tim Weller. He said ALM's management team and product portfolio make the company an attractive acquisition, and further Incisive's global ambitions. "It is a business we've courted for quite some time," Weller said.

London-based Incisive, which was formed in 1995 with the launch of Investment Week magazine, provides specialist business information in financial services, risk management, professional services and marketing services. It generates annual revenue of approximately $280 million.

Weller said the ALM purchase would double the company's size and give it a "balanced presence" in Europe and the United States. Incisive also has operations in China and India.

Incisive was taken private by equity investment group Apax Partners late last year.

ALM was formed in 1997 by U.S. Equity Partners LP, a private equity fund sponsored by Wasserstein & Co. It generated approximately $200 million in revenue in 2006.

Pollak, a former New York Times executive who has led the company since 1998, said a deal now makes sense considering that the investment firm has held the company for 10 years.

"In the world of private equity, that's a long time," he said. "For the good of their investors, they felt it was time to sell."

Pollak, who will join the board of Incisive Media, expects to continue leading the combined company's North American operations.

Based in New York, ALM owns and publishes 33 national and regional magazines and newspapers that include Corporate Counsel, The National Law Journal and Real Estate Forum.

The company also produces conferences and trade shows for business and legal professionals, operates the specialty Web sites Law.com and GlobeSt.com, and publishes books, newsletters, court verdicts and market research.

Bruce Wasserstein attracted considerable attention in 2003 when he outbid other suitors for the popular New York magazine, which is now owned by Wasserstein family trusts.

Wasserstein & Co., meanwhile, controls several media interests, including financial news publisher The Deal LLC and business-to-business publisher Penton Media.

Lee Feldman, a spokesman for the investment firm, said the ALM sale would have no effect on any of Wasserstein's other media properties.

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AP Business Writer Toby Anderson in London contributed to this report.