UBM has acquired the remaining 62.03% interest in PR Newswire Brazil for an initial cash consideration of $1.2 million with a further performance-related consideration of $0.2m, payable over the next two years. The remaining 10% interest in PR Newswire Argentina was acquired for a total cash consideration of $40,000.
Founded in 1998, PR Newswire Brazil provides Brazilian corporations and public relations agencies with a wide range of targeting, distribution and monitoring services to help them communicate and engage with global audiences. These services include: broadcast and video services; financial printing and filing services; ProfNet, the pre-eminent expert network; clipping and monitoring services, such as eWatch, Social Media Metrics and MediaSense; and, web engagement tools such as MediaRoom and IR Room.
PR Newswire Argentina is a small but fast-growing business, serving domestic and international customers in Argentina and across the wider Southern Cone of Latin America with targeting, distribution and monitoring services, including the Notilog media monitoring service acquired by UBM in July 2007.
The acquisition of the remaining equity in these two joint venture businesses will enable accelerated investment in these and related UBM businesses to support their growth in the rapidly expanding Latin American economies. UBM will establish a regional PR Newswire Latin America operation, based in Sao Paulo in Brazil, to integrate UBM’s Brazilian, Argentinean and Mexican businesses. This structure will provide significant operational efficiencies and a strengthened product proposition and sales capability across the region.
