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BtoB

United Business Media to buy MediMedia properties

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London—United Business Media, the parent of CMP Media, which recently acquired Cliggott Publishing and Oncology Group, announced Tuesday that it “has submitted a binding offer to acquire MediMedia’s drug information businesses in continental Europe and Asia, and all the trade press, patient education and pharma marketing solutions businesses in Germany, Benelux and Asia-Pacific.”

UBM said the properties would fit well with its current health care products. The proposed purchase price is $344.7 million in cash.

In 2003 these properties generated $129.1 million in revenue and $29.8 million in earnings before interest, taxes, depreciation and amortization.

“This proposed acquisition is an excellent fit with our strategy of building our core franchises and extending our geographical coverage in key markets on attractive financial terms,” said Clive Hollick, UBM’s CEO.

UBM said it wanted Stephen Warshaw, international CEO of MediMedia, to stay on as CEO of the acquired businesses.

—Sean Callahan

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