The tech publisher Penton Media has been sold to B2B private equity, Wasserstein & Co., and will be merged with the other trade media company is owns Prism Business Media (formerly Primedia BUsiness), creating a new B2B giant, with revenue nearing $500 million, reports Folio.
The sale price was put at $194.2 million, plus assumption and payment of debt, putting the total value of the deal at $530 million.
The deal, if viewed by the total price, represents the largest M&A deal in B2B media since the $650 million acquisition of Hanley Wood by JP Morgan in May 2005, says the story.
Crain’s: Prism is owned by U.S. Equity Partners II LP, an investment partnership sponsored by Wasserstein & Co. LP and by co-investors Highfields Captial Management and Lexington Partners. Wasserstein, chairman of Wasserstein & Co., also is chairman of investment bank Lazard and owner of New York magazine and American Lawyer Media, along with several trade publications.
Prism has 70 titles, including Electric Marketing, National Real Estate Investor and Registered Rep. Penton has 50 titles, including Electronic Design, Expansion Management and Industry Week.