US DoJ asks UBM for more detail on PR Newswire

3rd Mar 2016 11:14

(ShareCast News) - The US Justice Department has asked UBM for additional information and documentary material relating to certain PR Newswire (PRN) products in relation to its sale of PRN to software company Cision.UBM said it and Cision will cooperate fully with the DoJ in responding to the request and will continue to work cooperatively with the US regulators in connection with their review of the transaction as they look to reach a prompt resolution.It said the request related to certain PRN products "which account for a very small portion of PRN's global revenues".UBM announced back in December that it had agreed the sale of PR Newswire to Cision for $841m.It said at the time the deal represented "a significant step in the execution of UBM's 'Events First' strategy, the objective of which is to become the world's leading focused B2B Events business."At 1134 GMT, UBM shares were down 0.2% to 589.53p.