June 4 (Reuters) - American Lawyer publisher ALM Media,which was once controlled by Bruce Wasserstein, has been sold tothe late Wall Street dealmaker's investment firm Wasserstein &Co, the companies said in a statement.
Financial details of the deal were not publicly disclosed.The New York Times reported the acquisition price was around$417 million, citing a source briefed on the matter.
The transaction is expected to close in the third quarter,the joint statement said.
Reuters had reported in April that ALM Media, a publisher ofmagazines for U.S. lawyers and legal professionals, was up forsale and was being advised by investment bank Jefferies GroupLLC.
ALM, which in January 2005 changed its name from AmericanLawyer Media, was formed by U.S. Equity Partners LP, a privateequity fund sponsored by Wasserstein & Co.
The transaction follows the sale of other legal news andanalysis companies. Bloomberg LP in 2011 bought BNA for about $1billion. Reed Elsevier (Frankfurt: RDEB.F - news) 's LexisNexis in 2012snapped up Law360 for an undisclosed sum.
The company had been sold to private equity firm ApaxPartners LLP in 2007 for $630 million and its portfolio company,UK-based Incisive Media Ltd. Apax later split up Incisive Media,keeping control of the ALM business while turning over the restof the company to lenders including the Royal Bank of Scotland (LSE: RBS.L - news) Group Plc.
Ontario Pension Board, Pantheon, the Honeywell pension, andHighVista Strategies LLC are co-investing in the transactionalongside Wasserstein, according to the statement.
Macquarie Capital provided financing for the deal, whileJones Day was the legal advisor to Wasserstein & Co. Jefferieswas a financial advisor to ALM and its owners, Apax and RoyalBank of Scotland. Simpson Thacher & Bartlett LLP was a legaladvisor to ALM and Apax, while DLA Piper was a legal advisor toRBS. (Reporting by Liana B. Baker, editing by G Crosse)
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