Acquisition Gives PR Newswire Presence in France, Spain
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[London, ENGLAND] United Business Media announced Monday its acquisition of French corporate communications services company Cyperus, adding France and Spain to the markets reached by United's PR Newswire.
United is making an up-front payment of EUR 11.5 million (US $10.7 million), but could eventually pay up to EUR 23.3 million (US $21.68 million) after three years, according to the terms of the deal.
Established in 1996, Cyperus distributes corporate news announcements and provides live coverage of high tech events in Europe. It not only provides news to 700 journalists but to corporate customers as well. Among its clients are France Telecom, Lucent, Alcatel and IBM.
"As part of PR Newswire's expanding global network Cyperus will be able to increase its range of services and offer its customers access to all major markets," said Hollick.
Commenting for Cyperus, Chief Executive Jean-Louis Amblard said customers would benefit from PR Newswire's global presence and extensive distribution network.
"We will bring European clients our expertise in reaching audiences in France and Spain using multimedia, especially in streaming media for trade shows," said Amblard.
According to Managing Director Vicky Unwin, PR Newswire Europe wants to establish itself as the main commercial news distribution service in Europe. Cyperus will bring essential expert knowledge of local markets and their clients in two major countries.
Currently, PR Newswire Europe delivers around 1000 news releases each day on behalf of 40,000 companies worldwide. It distributes to media and financial markets in 135 countries in 25 languages.
Last week, United Business Media published year-end results, noting that it plans to sell off its B2C assets in order to concentrate on B2B Internet projects.