** UBM up c.3 pct & tops Stoxx 600 media index after the British communications and events companyagrees to sell its press release distributor PR Newswire toCision, a provider of public relations software
** Total sale price of $841 mln (555 mln stg) representsc.11.2X PR Newswire's 2014 adj. EBITDA, while the cash value of$810m shows c.10.8X, Nomura writes
** UBM has been in talks to sell unit since April so that itcan focus on increasing its market share in trade shows andevents, where it strengthend its hand by purchasing trade showco Advanstar Communication for $972 mln last year
** Disposal should be taken positively by the market as £500mln was the price widely quoted by the market, Liberum writes
** Cision, which is owned by buyout firm GTCR LLC, hasprevailed in an auction for PR Newswire over private equity firmVista Equity Partners Management LLC, sources tell Reutersearlier
** UBM promises to return 245 mln stg to shareholders asspecial dividends, undergo a share consolidation & use part ofproceeds for bolt-on acquistions
** Stock on track for its sharpest one-day gain in threemonths (1 British pound = $1.5145) (RM: esha.vaish.thomsonreuters.com@reuters.net)
