Mergers and Acquistions News
Categories: Media & Information Services
November 18th 2008, 16:05PM
United Business Media (UBM) has acquired Chinese newswire Xinhua PR for a cash consideration of $6 million, it has been revealed.
The deal also sees UBM take control of parent company Xinhua Finance's corporate announcement distribution arm which is based out of Hong Kong, Singapore and Taiwan.
According to Charles Gregson, chief executive officer of PR Newswire, the deal will allow the Chinese firm, which will be rebranded as PR Newswire China, to expand further.
He said: "Merging with PR Newswire's global operations will allow us to create opportunities to introduce new communications tools to China's business community, including broadcast and video services."
UBM expects the cost of the acquisition to be recouped in the first full year of ownership, he added.
PR Newswire, a subsidiary of UBM, was established in 1954 and now has offices in 14 countries.
It also sends its customers' news to outlets 170 nations in 40 languages.
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