LAWFUEL – The Legal Newswire – Incisive Media, a British provider of business news, said yesterday that it would pay about $630 million to buy the publisher of The American Lawyer and other publications as it seeks to increase its product range and strengthen its business in North America, the New York Times reports.
Incisive’s all-cash purchase of the publisher, American Lawyer Media Holdings, would end a decade of control by the New York financier and buyout specialist Bruce Wasserstein’s private equity firm, Wasserstein & Company. The deal is expected to close in the third quarter.
William L. Pollak, American Lawyer Media’s president and chief executive, said the deal followed a “very robust auction” that drew attention from multiple bidders. He said Incisive’s strength on the Web and its expertise in the areas of financial services and risk management complemented the company’s existing operations.
In March, Wasserstein & Company said it had retained Credit Suisse to advise it on exploring strategic alternatives, including a possible sale.
Incisive began pursuing American Lawyer Media last year, said Incisive’s founder and chief executive, Tim Weller.
Based in New York, American Lawyer Media owns and publishes 33 national and regional magazines and newspapers including Corporate Counsel, The National Law Journal and Real Estate Forum.