ATLANTA -- (Business Wire)
PRIMEDIA Inc. (NYSE: PRM) today announced the completion of its
acquisition by affiliates of TPG Capital.
Under the terms of the merger agreement, holders of the outstanding
shares of PRIMEDIA common stock are entitled to receive $7.10 per share
in cash, representing a transaction enterprise value of approximately
$525 million. As a result of the merger, PRIMEDIA’s common stock will no
longer be listed for trading on the New York Stock Exchange.
PRIMEDIA helps millions of consumers nationwide find apartments, houses
for rent or new homes for sale through its innovative Internet, mobile
and print solutions. From publishing its flagship advertising-supported
Apartment Guide since 1975 to launching industry-leading online real
estate destinations such as ApartmentGuide.com, NewHomeGuide.com and
Rentals.com, PRIMEDIA continues to simplify the consumer home search and
drive leads that result in occupancy for property management companies,
landlords, new home builders and real estate professionals. For more
information, visit www.primedia.com.
About TPG Capital
TPG Capital is a leading global private investment firm founded in 1992
with $48 billion of assets under management and offices in San
Francisco, Beijing, Fort Worth, Hong Kong, London, Luxembourg,
Melbourne, Moscow, Mumbai, New York, Paris, Shanghai, Singapore and
Tokyo. TPG Capital has extensive experience with global public and
private investments executed through leveraged buyouts,
recapitalizations, spinouts, growth investments, joint ventures and
restructurings. TPG Capital seeks to invest in world-class franchises
across a range of industries. The firm’s investments in fast growing
Internet companies and media franchises have included
Sabre/Travelocity/Lastminute, Hotwire, Univision and Creative Artists
Agency (CAA). TPG Capital also has Internet retail and e-commerce
expertise via multiple online platforms that have included
NeimanMarcus.com, PETCO.com, JCrew.com and Become.com.
This release contains forward-looking statements as that term is used
under the Private Securities Litigation Reform Act of 1995. When used in
this release, words such as “anticipate,” “believe,” “estimate,”
“expect,” “intend,” “plan,” “seek” and similar expressions identify
forward-looking statements. These forward-looking statements are based
on the current assumptions, expectations and projections of the
Company’s management about future events, and the Company can give no
assurance that they will prove to be correct. These forward-looking
statements are subject to risks and uncertainties, including those
detailed from time to time in the Company’s filings with the Securities
and Exchange Commission, that may cause the Company’s actual results to
differ materially from those indicated in these forward-looking
statements. Many of these risks and uncertainties are beyond the ability
of the Company to control or predict. These potential risks and
uncertainties include, among others, general economic trends and
conditions and, in particular, related adverse trends and conditions in
the apartment leasing and new home sales sectors of the residential real
estate industry, as well as changes in technology and competition; the
implementation and results of the Company’s ongoing strategic and
cost-cutting initiatives; the demand by customers for the Company’s
products and services; and expenses or adverse results from litigation.
The Company cautions you not to place undue reliance on these
forward-looking statements. All information in this release is as of
July 13, 2011. The Company undertakes no duty to update or otherwise
revise the information contained in this release.
Solebury Communications Group
Owen Blicksilver PR, Inc.
Lisa Baker, 914-725-5949
Source: PRIMEDIA Inc.
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