Emap was forced to abandon plans for a merger and sell ABI following an inquiry by the Competition Commission that found the group would have controlled 70% of the market for the supply of construction project information and contact data. It only bought the business a year ago, in a £14m deal.
In the calendar year, ABI, a construction sales and marketing information company, generated revenues of £5.5m and earnings before interest, tax, depreciation and amortisation of £1.1m. UBM is paying £12m for the business plus another £1m to equal the cash in the business.
David Levin, chief executive of UBM, said: "ABI represents an excellent 'bolt-on' opportunity for UBM, it allows us to consolidate our chosen markets, it meets our strict financial criteria and as such is a good fit with our continuing strategy. We continue to look for more opportunities just like this one."
ABI will become part of CMP Information's built environment division, which will allow ABI and the other businesses in the division to deliver enhanced offerings to professionals throughout the UK construction market.
CMP Information, the UK-headquartered professional media division of United Business Media, will look to strengthen its information product offering to the construction industry, in particular the Barbour product range.
CMP works within 15 industry sectors including magazines, exhibitions, conferences, awards, directories and websites.
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