A proposed final judgment intended to resolve Department of Justice Antitrust Division concerns over a merger’s impact on competition in the U.S. media contact database market has been approved by the federal district court in Washington, D.C. The settlement resolved a complaint filed in June, alleging that the proposed acquisition of UBM plc’s PR Newswire business by private equity firm GTCR Fund X/A AIV LP would create a duopoly in the U.S. market for media contact databases, which identify journalists and other influencers for public relations purposes (U.S. v. GTCR Fund X/A AIV LP, September 14, 2016, Hogan, F.).
The consent decree required the divestiture of PR Newswire's "Agility" media database, monitoring, and analysis business. GTCR owns Cision US Inc., which is reported to be the dominant media contact database provider the United States through its flagship public relations workflow software suite. PR Newswire is a leading provider of commercial newswire services. Its Agility business has been identified as the nation’s third-largest media contact database provider.
Closure of transaction. Shortly after the parties reached an agreement with the Justice Department in June, Cision announced that it had finalized the acquisition. At that time, the company noted that the deal had been approved in all markets worldwide except Dubai and China, where regulatory review was pending. During the public comment period, the Justice Department did not receive any comments on the settlement.
GTCR agreed to divest Agility to Innodata Inc. or to another buyer approved by the United States, under the terms of the settlement. Innodata announced the purchase on July 14.
The case is No. 1:16-cv-01091.
Attorneys: Jonathan M. Justl for U.S. Department of Justice. Amanda P. Reeves (Latham & Watkins LLP) for GTCR Fund X/A AIV LP and Cision US Inc. Harry T. Robins (Morgan, Lewis & Bockius LLP) for UBM plc.
Companies: Cision US Inc.; GTCR Fund X/A AIV LP; UBM plc; Innodata Inc.
MainStory: TopStory AcquisitionsMergers Antitrust AntitrustDivisionNews DistrictofColumbiaNews
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