UBM agrees to sell NOP World

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London—United Business Media has signed an agreement to sell NOP World, its market research business, to market research firm GfK Aktiengesellschaft for £383 million in cash.

After the sale of the unit, UBM said it plans to return £300 million of the proceeds to UBM shareholders.

David Levin, CEO of UBM, said in a statement: "This transaction creates a more focused UBM, which can continue to develop its global publishing interests."

The deal is expected to close in May.

—Sean Callahan

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