New York, NY – The deal that would merge Penton Media, Inc. and Prism Business Media Holdings, Inc., to form one of the largest B-to-B media companies in the U.S., was formally completed Feb. 1.
The private equity firms Wasserstein & Co., and MidOcean Partners will each own 50% percent of the combined companies, which will operate under the Penton brand with headquarters in New York. Wasserstein and MidOcean said transitioning to the Penton name would be completed by mid-March. The new Penton portfolio includes 113 trade magazines and 96 trade shows and conferences.
The deal announced last Nov. 2 was valued at $530 million in cash and debt assumption. At the time, Penton CEO David Nussbaum said the merger would create a company “with the capital structure, talent, and infrastructure to continue on a very strong growth path.”
With the closure of the transaction, however, Nussbaum has stepped down, as previously planned, and CEO John French moves up to CEO. French had been in charge of Prism since October 2005.