UBM on acquisition trail as it rules itself out of Emap race
LONDON - United Business Media has ruled itself out as a potential bidder for Emap's £1.5bn business-to-business division, as it unveils plans to spend as much as £250m on acquisitions.
UBM, which owns Music Week, Building, Property Week, Dalton's Weekly, Travel Trade Gazette and Pulse, has been focusing on developing its news distribution and B2B division, setting aside up to £500m to complete a number of acquisitions by March 2008.
In a strategy update issued this morning, the media and business information company said it had already spent £250m acquiring 35 businesses since February 2006.
It said that although it has ruled out a bid it could still be interested, like Guardian Media Group, in various Emap B2B titles should they be sold off.
David Levin, chief executive of UBM, said: "The business-to-business and news distribution markets continue to offer attractive acquisition and organic growth opportunities for the development of UBM."
"We intend to take full advantage of these opportunities while maintaining our discipline in the use of capital."
Since the beginning of 2006, UBM has acquired 35 businesses for a total consideration of over £250m, and has returned over £400m of capital, including £43m since July 2007.
Levin said: "We continue to direct UBM towards higher quality business models while accelerating underlying revenue growth through organic product development and active portfolio management.
"We will invest in markets that offer sustainable growth opportunities and more predictable revenues and earnings and in acquisitions and organic business developments which take advantage of the worldwide reach of UBM’s businesses."
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