Niche information services provider United Business Media Ltd. (UBM), UK, has reached an agreement to acquire Canon Communications LLC from Spectrum Equity Investors and Apprise Media LLC for $287 million. The transaction is subject to Hart-Scott-Rodino antitrust clearance.
With this acquisition, UBM expects to become a leading worldwide provider of tradeshow and related media for the medical device design and manufacturing market and adjacent advanced manufacturing sectors. Further, the deal is projected to complement UBM's existing electronic engineering business, creating a richer set of information and marketing services.
Canon is a provider of tradeshows and related media products serving the global advanced manufacturing sector. Its principal focus is on the medical device design and manufacturing and electronics engineering markets, together representing over 65 percent of revenues and contribution. The company claims to have strong positions in related manufacturing process, packaging and design segments.
Canon employs a total of 343 staff worldwide, of whom 278 are based in the US (144 at Canon's Los Angeles headquarters), 48 in Asia and 17 in Europe. Canon's senior operational management team is expected to remain with the business, which will be renamed UBM Canon. Charles McCurdy will support UBM during transition in a consultancy role.
UBM will leverage its existing global tradeshow infrastructure and expertise to geo-clone Canon's events in fast-growing economies such as China, India and Brazil. Canon has already launched a tradeshow for the medical devices and manufacturing sector in China, where industry analysts forecast growth of 10 percent CAGR 2009-14 for the medical equipment market on the back of major healthcare reforms. A number of new events are also planned for both developed and emerging economies.
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