Nasdaq is acquiring news release disseminator Marketwired, bolstering the exchange's PR services offering alongside its existing Globe Newswire product.
Financial terms of the deal were not disclosed, beyond a disclosure that it involves cash and debt, and the transaction requires regulatory approval. The parties expect to close in the first quarter.
Private equity firm OMERS, part of a large municipal retirement system in Ontario, reportedly put Marketwire on the sale block in the fall at a valuation of around $200M. MW spun off its social platform Sysomos last February.
The deal follows a spate of sales and consolidation in the PR services sector. After Cision and Vocus combined last year, Cision gobbled up PR Newswire in December for $841M. Rival Business Wire was acquired by Berkshire Hathaway 10 years ago.
MW will sit in Nasdaq's corporate services arm. Stacie Swanstrom, SVP and head of the CS unit said Nasdaq will make use of existing MW resources, including an expanded presence in North America, particularly Canada, "to provide an even stronger service and account management experience for our clients."
MW chief Adnan Ahmed called the deal a "natural fit."
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