United Business Media pays £185m for US exhibitions firm Canon Communications

Publisher and trade show organiser United Business Media today splashed out £185 million to buy US counterpart Canon Communications, which runs exhibitions for the medical industry.

UBM chief executive David Levin described Los Angeles-based Canon as "a great strategic fit" with his existing exhibitions business for the electronic engineering industry.

Canon, which is being sold by Spectrum Equity Investors and Apprise Media, should give a 9% boost to UBM profits in the first year of ownership.

Traders welcomed the news, sending shares in FTSE-250 listed firm up 7.5%.

The Canon purchase is significant for UBM, which has a market capitalisation of almost £1.5 billion.

UBM also publishes trade magazines such as Music Week and The Publican.