Media PE firm Wasserstein & Co. and other partners has divested about 50 percent of its stake in the combined B2B trade media firms Penton/Prism Business media (which just merged earlier last month)....PE firm MidOcean Partners will own 50 percent of the business upon the completion of the merger.
Prism, owned by an investment fund sponsored by Wasserstein and its investment partners Highfields Capital Management and Lexington Partners, announced November 2 it had purchased Penton for $194.2 million, plus assumption and payment of debt, putting the total value of the deal at $530 million.
Wasserstein vice chairman Anup Bagaria and MidOcean Partners managing director Tyler Zachem will serve as co-chairmen of the Prism/Penton entity. Financial terms of the transaction between MidOcean and Penton were not disclosed.
More details in the release here.