NORWALK, Conn.--(BUSINESS WIRE)--GE Commercial Finance -- Global Media & Communications today announced it is serving as administrative agent and co-underwriter for $966 million of financing to support the purchase of Penton Media, Inc. by Prism Business Media Holdings, Inc., a portfolio company of MidOcean Partners and Wasserstein & Co., LP. This deal is one of the largest publishing sector underwritings to date for the rapidly expanding GE business unit.
Anup Bagaria, vice chairman, Wasserstein & Co. states "We have worked with GE in the past on several publishing deals. GE not only provides capital, it also provides the necessary expertise to help close deals quickly. We are pleased that we have this opportunity to work with GE again."
"GE -- Global Media & Communications has a positive track record within the media sector," added Tyler Zachem, partner, MidOcean Partners. "The team's knowledge of both Penton and Prism has been integral in completing this significant deal."
Headquartered in New York, Penton/Prism is one of the nation's largest business-to-business media and information companies, serving more than six million business professionals every month. Its market-leading brands are focused on 23 industries. The company's growing portfolio includes 113 trade magazines, 145 Web sites, 96 industry trade shows and conferences and more than 500 information data products.
"As private equity investors continue to target business-to-business publishers, they appreciate a financial provider that understands the intricacies of the sector," said J. Gardner Horan, senior vice president, GE -- Global Media & Communications. "We value the opportunity to support two strong sponsors within the media industry and look forward to continuing our relationship with Penton/Prism."
About GE Commercial Finance -- Global Media & Communications
With over $7 billion in assets and offices in Atlanta, Beverly Hills, Chicago, Hong Kong, London, New York, Norwalk and San Francisco, Global Media & Communications represents a one-stop source for the comprehensive range of GE's debt and equity financing services offered to the media, communications & entertainment sectors and the technology that enables them. For more information, please visit gegmc.com.
About GE Commercial Finance
GE Commercial Finance, which offers businesses around the globe an array of financial products and services, has assets of over $206 billion and is headquartered in Norwalk, Connecticut. GE (NYSE: GE) is Imagination at Work -- a diversified technology, media and financial services company focused on solving some of the world's toughest problems. GE serves customers in more than 100 countries and employs more than 300,000 people worldwide. For more information, visit the company's website at ge.com.
Contacts
GE Commercial Finance
Ned Reynolds, 203-229-5717
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or
CJP Communications
Vu Chung, 212-279-1152 x205
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Britta Kons
GE Healthcare Global Services
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1-203-400-1892