(Reuters) - PR Newswire owner Cision Ltd CISN.N will be acquired by an affiliate of private equity firm Platinum Equity in an all-cash deal valued at $2.74 billion, the company said on Tuesday.
The offer represents about 18% premium to Cision’s Monday closing price of $8.45.
Earlier this year, Reuters reported reut.rs/2Xzk6UJ that the company was in talks with private equity firms for a potential sale.
The deal is expected to close in the first quarter of 2020, Cision said in a statement.
The company also said it will not host a quarterly earnings call for its third quarter ending Sept. 30.
Reporting by Ayanti Bera in Bengaluru; Editing by Arun Koyyur and Shinjini ganguli