United Business Media (UBM) has acquired Xinhua PR Newswire, a corporate announcement distribution service based in China, from its partner Xinhua Finance for US$6 million (£4 million) in cash.

United Business Media (UBM) has acquired Xinhua PR Newswire, a corporate announcement distribution service based in China, from its partner Xinhua Finance for US$6 million (£6 million) in cash.

Under the terms of the agreement, UBM will also acquire Xinhua Finance’s corporate announcement distribution businesses based in Hong Kong, Singapore and Taiwan.

Xinhua PR Newswire was established in 2002 as a marketing alliance between PR Newswire and Xinhua Finance in order to provide a global corporate announcement, market disclosure and distribution services to customers based in China.

Charles Gregson, CEO of PR Newswire commented: “Today’s acquisition offers a significant step forward for PR Newswire China and the companies it serves. Merging with PR Newswire’s global operations will allow us to create opportunities to introduce new communications tools to China’s business community, including broadcast and video services, while enhancing the marketing, customer service, and operational efficiencies of the entire business unit.”