The deal, which still requires approval by the shareholders of UBM plc as well as regulatory approvals, is expected to close late in the first quarter of 2016.
The financial terms were not disclosed. According to the New York Times, the transaction amounts to $810m plus $31m of preferred equity.
The acquisiton aims to create a global leader of communications software and services. The combination of Cision and PR Newswire resources would result in an integrated communications tool for intelligence gathering, distribution, monitoring, and analytics platforms. The scale from the combination of the two companies would also enable investments in R&D to support continued technology innovation.
Deutsche Bank Securities, Barclays and RBC Capital Markets are providing debt financing to Cision.
Led by Robert Gray, CEO, PR Newswire is a provider of PR and investor relations communications and related services, connecting over 30,000 customers to their target audiences through the largest distribution network of its kind in the world.
Customers span Fortune 2000 multinationals, small businesses, public relations agencies and government entities.
Led by Peter Granat, CEO, Cision is a global media intelligence company, serving the complete workflow of today’s PR and communication professionals.
The company has over 100,000 customers worldwide and maintains offices in Canada, U.K., France, Germany, Portugal, Sweden, Finland and China.