A few days after receiving clearance from the U.S. Department of Justice to execute the deal, Cision has completed its acquisition of PR Newswire from UBM (LON: UBM). Cision, a GTCR portfolio company since 2014, is a media intelligence business working with public relations and communications professionals, while PR Newswire is a distributor of public relations materials serving more than 30,000 customers.
That overlap in the Cision and PR Newswire businesses is what led to the DOJ’s involvement in the first place. Earlier this month, the department approved the transaction on the condition GTCR divest the Agility workflow software unit—a direct competitor of Cision that’s currently owned by PR Newswire—arguing the acquisition would otherwise create a market duopoly. If the rapid finalization of the deal is any indication, GTCR didn't find the ruling particularly onerous.