Santa Monica trade show organizer Advanstar Communications Inc. announced on Wednesday that is has agreed to be acquired by publicly traded British communications and events company UBM for $972 million.
The all-cash transaction will combine Advanstar’s 54 trade shows and roughly 100 conferences with UBM’s worldwide platform, making UBM the biggest events business in the United States by 2013 revenue, the company said.
UBM is buying Advanstar from New York hedge fund Anchorage Capital Group and private equity companies Veronis Suhler Stevenson in New York and Ares Management in Century City.
The transaction is expected to close by the end of the year. Joe Loggia, Advanstar’s chief executive, will stay on for a transitional period.
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