Penton Media Announces Merger With Prism Business Media
Penton Media Inc. announced yesterday that its board of directors has approved a definitive agreement in which Prism Business Media Holdings Inc. will acquire 100 percent of the capital stock of Penton in an all-cash transaction valued at approximately $530 million.
“This transaction delivers outstanding value for all of Penton’s stockholders,” said David Nussbaum, Penton’s CEO. “The combination of Penton and Prism will create a company with the capital structure, talent and infrastructure to continue on a very strong growth path.”
Credit Suisse Securities (U.S.A.) LLC acted as exclusive financial advisor, and Ropes & Gray LLP acted as legal advisor to Penton and its board in connection with the transaction.
Allen & Company LLC acted as financial advisor, and Morris, Nichols, Arsht & Tunnell LLP acted as legal advisor to the special committee of the Penton board in connection with the transaction.
Penton expects the transaction to close in the first half of 2007.