Incisive Media to buy Wasserstein's ALM for $630 million
(Adds dateline, CEO quotes, detail and background, refiles to change headline wording to $630 mln to correct for dropped character in word million.)
LONDON, July 5 (Reuters) - Business information provider Incisive Media said it had agreed to acquire Wall Street dealmaker Bruce Wasserstein's media company, ALM, for about $630 million.
Incisive Media Chief Executive and founder Tim Weller said in a statement on Thursday the acquisition would help the firm become a leading global business-to-business media company.
ALM will double Incisive's size, deepen its exposure in the legal publishing market and provide a more balanced business split between the United States and Europe, he added.
The deal is expected to close in the third quarter.
Upon completion, William Pollak, president and chief executive of ALM will join Incisive Media's board.
ALM put itself up for sale in March. At least four private equity firms were in the final round of bidding for the publisher of The American Lawyer and Corporate Counsel, sources close to the deal had told Reuters.
The business, which in January 2005 changed its name from American Lawyer Media, was formed by U.S. Equity Partners L.P., a private equity fund sponsored by Wasserstein & Co. Wasserstein also runs merger advisory firm Lazard Ltd. (LAZ.N) and is chairman of The Deal LLC, a media company focused on the mergers and acquisitions market.
Lazard also advised private equity firm Apax Partners [APAX.UL] when it bought Incisive in December for around $375 million.
ALM owns and publishes 33 national and regional magazines and newspapers catering to the legal and business communities, including The National Law Journal and Real Estate Forum. The company is also one of North America's largest producers of conferences and trade shows for the legal profession.
(Additional reporting by Sweta Singh in Bangalore)
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