<article><a style="color: #000080;" href="http://www.ubm.com/" target="_blank">UBM Plc</a> said it had agreed to sell its press release distributor <a style="color: #000080;" href="http://www.prnewswire.com/" target="_blank">PR Newswire</a> to <a style="color: #000080;" href="http://www.cision.com/" target="_blank">Cision</a>, a business controlled by GTCR Canyon Holdings, for $841 million.</article>

<a style="color: #000080;" href="http://www.ubm.com/" target="_blank">UBM Plc</a> said it had agreed to sell its press release distributor <a style="color: #000080;" href="http://www.prnewswire.com/" target="_blank">PR Newswire</a> to <a style="color: #000080;" href="http://www.cision.com/" target="_blank">Cision</a>, a business controlled by GTCR Canyon Holdings, for $841 million.
UBM, which has been looking to sell the business since April, said it would return 245 million pounds ($371.6 million) of proceeds to shareholders as special dividend and use the remaining for bolt-on acquisitions.
The deal is subject to antitrust clearance in the United States and completion is expected in the first quarter of 2016, the company said.
Reuters reported earlier that Cision, a provider of public relations software, was close to an agreement to acquire PR Newswire.
($1 = 0.6594 pounds)
(Editing by Gopakumar Warrier)
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Reuters

UBM Plc said it had agreed to sell its press release distributor PR Newswire to Cision, a business controlled by GTCR Canyon Holdings, for $841 million.

UBM sells press release distributor PR Newswire to Cision for $841m

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UBM sells press release distributor PR Newswire to Cision for $841m

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