UBM plc today announces the completion of the bulk of the sale of the businesses that comprised its Data Services businesses (“Delta”) to Electra Partners. This follows the announcement of the agreement of terms with Electra Partners on 5 February 2013.
In accordance with the terms of the agreement with Electra Partners, completions of the sale of the remaining Delta businesses will occur as certain additional regulatory and other conditions are satisfied.
Previously on Feb 5, 2013:
Concluding the strategic review initiated in July 2012, UBM plc today announces that it has received a binding offer from Electra Partners LLP to purchase a portfolio of UBM’s Data Services businesses (“Delta”) for consideration of £160m including a £40m vendor loan note. The offer is subject to consultation with the relevant works council in France and certain regulatory and other approvals(see Note 1).
Delta represents the bulk of UBM’s Data Services segment and includes its Health, Technology and IP, Trade & Transport, and Paper business units. In 2011, these businesses generated revenue of £190.0m and adjusted operating profit of £27.7m. In 2012, these businesses generated revenue of £179.3m and adjusted operating profit of £27.4m (see Notes 2 & 3). As at 30 June 2012 the businesses had gross assets of £295.5m.
Upon completion, the cash consideration of approximately £100m (net of working capital adjustments) will be used to repay bank debt. The vendor loan note, which will be held at amortised cost, will carry a 6% PIK coupon and has a final maturity of six years. Credit Suisse acted as sole financial adviser to UBM on the transaction.