Incisive Media, a leading business information provider, and ALM, a leading integrated media company, have announced that they have signed a definitive agreement under which Incisive Media will acquire ALM from U.S. Equity Partners, L.P. for a total value of $630m (approximately £315m) in cash. The acquisition is expected to close in the third quarter of this year, upon satisfaction of regulatory approvals and other customary closing conditions.

ALM owns and publishes 33 national and regional magazines and newspapers focused on the legal and real estate communities, including The American Lawyer®, The New York Law Journal®, Corporate Counsel®, The National Law Journal® and Real Estate Forum. The company is also one of North America ’s largest producers of conferences and trade shows for business leaders and the legal profession. ALM’s Law.com® is the Web’s leading legal news and information network, while ALM’s GlobeSt.com is the Web’s leading information source for commercial real estate professionals.  ALM generated approximately $200m in revenues in 2006. 

Incisive Media is a rapidly growing provider of specialist business information, operating in four principal markets: financial services, risk management, professional services and marketing services.  The company, which is headquartered in London, with further offices in Asia and North America, delivers key information to defined target audiences across a variety of platforms: in print, through magazines; in person, via conferences, exhibitions and training programs; and online, through various websites. Incisive Media generates annual revenues of approximately £140m. 

Tim Weller , Founder and Group Chief Executive of Incisive Media, said, “The acquisition of ALM will advance Incisive Media substantially towards our strategic goal of creating a leading global business-to-business media company.  ALM, like Incisive Media, is a provider of high-quality business information and, in terms of both products and geography, is extremely complementary to our existing business.  The addition of ALM’s legal and professional services assets to our portfolio will effectively double the size of Incisive Media, deepen our weighting within the desirable legal publishing space, and give our company a balanced presence between Europe and the U.S.

“ALM’s senior management team, led by Bill Pollak, has worked together closely for nearly ten years in building it to its current strong position.  We look forward to working closely with the management team as we grow our combined business in the U.S. , and support ALM as it extends its business in Europe and Asia ,” continued Mr. Weller.

Upon completion of the transaction, William L. Pollak, President and Chief Executive Officer of ALM, will join Incisive Media’s Board.

Mr. Pollak said, “The operational fit between ALM and Incisive Media is ideal.  ALM will provide a sizable platform for Incisive Media to grow in the U.S. , and becoming part of Incisive Media will enable us to pursue a range of global opportunities that have not been fully available to us to date.  We look forward to joining with Tim Weller and the entire Incisive Media team, as well as Apax Partners, as we build our various brands across multiple platforms.”

Irina Hemmers, Partner at Apax Partners, said, “We are very pleased to support Incisive Media in implementing its stated strategy to become a leading global business-to-business and professional information provider.  ALM, under the leadership of its experienced management team, has generated steady growth from delivering high quality must-have content to the legal and commercial real estate communities via its long-established, market leading brands.  We believe the combined company will be well positioned to achieve substantial growth on a global scale.”

Incisive Media was advised by Greenhill and Co., Simpson Thacher & Bartlett LLP and PricewaterhouseCoopers.  Financing for the transaction has been underwritten by the Royal Bank of Scotland .  ALM was advised by Credit Suisse and Skadden, Arps, Slate, Meagher & Flom LLP.