UBM plc today announces that, subject to contract, it has agreed to sell its
Property Week print magazine and related products to Metropolis International.
Subject to satisfaction of TUPE conditions, Property Week’s 35 staff will
transfer to Metropolis International following completion.
UBM also announces the sale of its North American IT channel business to a
management-led investment group. The new company, called The Channel Company,
will own and operate all of the businesses and products formerly owned by UBM
Tech (Channel) in North America. The Comdex brand and UBM India’s CRN business
are excluded from this transaction. UBM has retained a 30% minority equity
interest in the business.
These disposals constitute the bulk of the operations treated as discontinued
in UBM’s H1 2013 results and classified as held for sale at 30 June 2013. The
combined cash proceeds from these disposals are approximately £8.5m, subject to
customary working capital adjustments on completion.