United Bus Media Acquires Corporate360 For Up To $1.4M

LONDON (Dow Jones)--United Business Media Ltd. (UBM.LN), a global business media company, said Monday it has acquired Corporate360, a Hong Kong-based corporate communications solution provider, on behalf of PR Newswire for an initial consideration of $350,000 cash. MAIN FACTS: -Under the acquisition, United will also pay a further performance-based consideration of up to $1 million payable over the next three years. -Revenue of Corporate360 for 2010 is expected to exceed $400,000; Corporate360 will provide a technology and commercial platform which will enable PR Newswire to expand its multimedia and investor relations offerings in Asia. -Corporate360's two founder executives will join PR Newswire following the business's integration into PR Newswire's Hong Kong operations. -Shares of United Business on Friday closed at 505 pence, valuing the company at GBP1.23 billion. -By Tapan Panchal, Dow Jones Newswires. Tel +44(0)207-842 9448, tapan.panchal@dowjones.com (END) Dow Jones Newswires June 28, 2010 02:18 ET (06:18 GMT)