UBM successful in business negotiations with US exhibitions firm
United Business Media purchases Canon Communications for £185m
UK publisher and events group United Business Media (UBM) has successfully completed sales negotiations with US firm Canon Communications.
UBM has agreed to buy Canon, which runs trade exhibitions for the medical sector and emerging markets, for around $287 million (£185 million).
The British company hopes to increase its presence in the medical industry by becoming the leading provider of tradeshows to the sector.
The deal was welcomed by investors, as shares in UBM rose by 8.4 per cent to reach 655 pence.
It follows a flurry of acquisitions by UBM, as the group purchased a dozen companies in the first half of the year, compared to none during the same period in 2009.
Earlier this month, it bought research firm UM Paper for $880,000 (£565,000), as well as online careers advice company Astound in a deal worth $3 million (£2 million).