Advanstar for sale
Advanstar, the largest commercial medical publisher in the U.S., is up for sale.
After earlier dismissing talk of a sale as "highly speculative" "market rumors," the business publishing powerhouse today released a statement saying it is "exploring strategic alternatives, including a possible sale of the company," but cautioning that "there can be no assurance that the exploration of strategic alternatives will lead to a transaction."
The sale, first reported in Sunday's New York Post, follows that of six Advanstar divisions to Questex in April for $185 million. The firm, which now holds Life Sciences, Fashion and Powersports portfolios, divested its IT & Communications, Travel & Hospitality, Beauty, Home Entertainment, Abilities and Portfolio groups in the April sale.
Advanstar's owner, Credit Suisse First Boston, declined comment.