Subject to satisfaction of TUPE conditions, Property Week’s 35 staff will transfer to Metropolis International following completion.
UBM also announces the sale of its North American IT channel business to a management-led investment group. The new company, called The Channel Company, will own and operate all of the businesses and products formerly owned by UBM Tech (Channel) in North America. The Comdex brand and UBM India’s CRN business are excluded from this transaction. UBM has retained a 30% minority equity interest in the business.
These disposals constitute the bulk of the operations treated as discontinued in UBM’s H1 2013 results and classified as held for sale at 30 June 2013. The combined cash proceeds from these disposals are approximately £8.5m, subject to customary working capital adjustments on completion.
