Reed agrees to buy Miller Freeman Europe

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London--Reed Elsevier plc announced Tuesday that it has agreed to acquire Miller Freeman Europe from United News & Media plc for $545 million in cash. Most of the properties acquired will be integrated into Reed Exhibition Cos., which will be the world's largest exhibition company after the integration, according to a press release. Miller Freeman Europe produces more than 100 trade shows in sectors such as building and construction, retail, and food and hospitality. The company also has 66 related Web sites. Miller Freeman Europe also publishes more than 50 b-to-b titles in Italy. Reed Exhibition Cos. reported 1999 revenues of $456 million, and Miller Freeman Europe reported revenues of $179 million. The sale completes United's divestment initiative, which also included the sale of Miller Freeman Inc. to VNU and which raised slightly more than $2 billion.
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