New York—Private equity firms MidOcean Partners and Wasserstein & Co. have announced an agreement for co-ownership of Prism Business Media once Prism’s previously announced acquisition of Penton Media is completed. Under the agreement, MidOcean will acquire a 50% ownership interest in the combined Prism/Penton entity from Wasserstein & Co. and its investment partners, Highfields Capital Management and Lexington Partners. Anup Bagaria, vice chairman of Wasserstein & Co., and Tyler Zachem, a managing director at MidOcean Partners, will serve as co-chairmen of Prism. Prism said Nov. 2 that it had agreed to buy Penton for $194.2 million, plus assumption and payment of debt, for a total deal value of $530 million. The deal is expected to close in the first half of 2007. It has not yet been decided what the name of the merged entity will be.