First off, the long awaited news of the sale of PR Newswire to US company Cision, a global provider of PR software and services, for US$841m which represents a historic EBIT multiple of 11.2x. As I suggested in a previous column, around 40 per cent of proceeds will return to shareholders as a special dividend and the rest will be earmarked for further bolt-on exhibition acquisitions. Given that UBM generally buys at lower multiples than this, it’s a nice piece of business. For a whil...