Wasserstein's ALM to Buy Summit Professional Networks
January 08, 2015
Wasserstein & Co.-backed ALM has announced a deal to acquire Summit Professional Networks, the publisher of Investment Advisor and several other prominent insurance and legal publications, including National Underwriter and InsideCounsel. Expected to close by the end of the month, the deal is reported to be worth around $40 million, and will increase ALM's network to over 6 million professionals. Wasserstein formerly backed ALM for nearly a decade, but sold it in 2007, only to repurchase it in summer 2014 for an estimated $417 million; ALM's media properties include The American Lawyer, Corporate Counsel and more.