Ashurst is advising UBM plc, one of the world's leading B2B events organisers, on its obligations under the Listing Rules, including the preparation of a class 1 circular, in relation to the disposal of PR Newswire, its press release distribution business.

PR Newswire is to be acquired by Cision, a business controlled by GTCR Canyon Holdings (Cayman), L.P., for US$841 million. The consideration comprises US$810 million in cash and US$31 million of preferred equity (on a fair value basis).

The Ashurst team was led by corporate partners James Wood and Adrian Clark, assisted by associate Hayley Gow.