Hot on the heels of our buy tip, UBM (UBM) has agreed to sell its PR Newswire business for $841m (£555m) to PR software group, Cision. The deal, which complements UBM's 'events first' strategy, values the public relations news service at a reasonable 11 times its cash profits in 2014.
IC TIP:
Buy
at
487p
Management intends to return £245m to shareholders via a special dividend and will also consolidate the group's shares. It plans to use the remaining proceeds of around £250m to finance bolt-on acquisitions. Broker Liberum expects flat EPS of 38.2p in 2015.
