By Greg Hazley
United Business Media, the parent company of PR Newswire, has bought out its Brazil and Argentina joint ventures in an effort to establish a regional operation in Latin America based in Sao Paolo.
PRN paid $1.2M in cash with $200K in earn-outs due over the next two years to snap up the remaining 62% interest of 12-year-old PR Newswire Brazil.
It also paid $40K in cash for the final 10% of PRN Argentina, which PRN described as a "small but fast-growing business" from which the company bought the Notilog media monitoring service in 2007.
The regional operation will include the two newly acquired operations, as well as its Mexican business.
UBM has also bought interests in two trade shows in the region. The company said on June 14 that it took a 60 percent stake in the Brazilian shipbuilding industry tradeshow and conference Navalshore, which had revenues of about $700K last year.
UBM also said it acquired a 75% stake in the Brazilian exhibition company Sienna Interlink, which runs the Concrete Show South America and Restaubar Show, a smaller trade show for the restaurant and bar industry. 2009 revenues were about $4M for the two events.
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