Price: $900 million
Sponsors: Anchorage Capital Group, Ares Management LP, Veronis Suhler Stevenson
Buyer: UBM Plc
UBM, which also owns PR Newswire, said it was involved in discussions which may or may not lead to a transaction, sister news service Reuters reported. Reuters reported previously that UBM was in advanced talks to acquire Advanstar for around $900 million.
Advanstar is controlled by hedge fund Anchorage Capital Group and private equity firms Ares Management LP and Veronis Suhler Stevenson. It has changed hands several times over the years between various private equity firms, including Hellman & Friedman, which sold its stake in 2000.
Noor Zainab Hussain is a correspondent for Reuters in Bangalore.