Onex Corporation had announced that it is in the process of acquiring Nielsen Expositions from Nielsen Holdings NY, its parent company. The amount to be paid is US$950 million in cash.
Nielsen Expositions is one of the leading operators of business to business tradeshows in the United States. Subject to customary closing conditions, the transaction is expected to be completed by the second quarter of 2013.
According to David Loechner, President of Nielsen Expositions, "This is an exciting development in the history of the Nielsen Expositions business. Onex' experience and successful track record in executing similar corporate carve-outs and building those divisions into industry-leading businesses position it as a strong partner. We look forward to working with Onex to execute our strategic plan and to continue to grow the business to better serve the exhibitors and attendees who participate in our events, all the while providing a seamless, business-as-usual transition for our clients and associates."
In response, Nielson CFO Brian West said, "Nielsen is committed to investing in and developing capabilities across our Watch and Buy segments. Divesting the Expositions business allows us to focus on these core areas that provide our clients with a comprehensive understanding of consumers while providing more flexibility to return capital to our shareholders over time. Our Expositions leadership team has built a world-class business with successful and respected brands. We believe under Onex' ownership, a great business will achieve even greater success."
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