Hearst buys Camp Systems, expands into aviation data

October 26, 2016 1:04 PM EDT

Hearst Corporation CEO Steven R. Swartz arrives for the "An Evening Honoring Valentino" gala benefiting the Lincoln Center Corporate Fund at Alice Tully Hall at Lincoln Center in the Manhattan borough of New York City, December 7, 2015. REUTERS/Mike Segar


Get instant alerts when news breaks on your stocks. Claim your 2-week free trial to StreetInsider Premium here.

By Liana B. Baker

NEW YORK (Reuters) - Hearst said on Wednesday that it is acquiring aviation software firm Camp Systems, in a deal that will boost the storied media firm's investments in the transportation sector.

The value of the deal was not disclosed. Sources familiar with the matter said the deal valued the company at roughly $2 billion, including debt.

While Hearst is best known for its media holdings such as its stake in ESPN and magazines such as Cosmopolitan, it also owns properties that serve corporate customers such as global ratings agency Fitch.

The Camp deal will add it to its transportation offerings, which already include businesses related to the automotive industry, Black Book and Motor Information Systems.

Camp, based in New Hampshire, is owned by Chicago-based private equity firm GTCR, and tracks the maintenance of business jets and other aircraft to help comply with regulations.

UBS advised CAMP and its owner GTCR, along with Goldman Sachs and Deutsche Bank, while PJT Partners advised Hearst, according to the press release.

(Reporting by Liana B. Baker in New York; Editing by Bernard Orr)



Serious News for Serious Traders! Try StreetInsider.com Premium Free!

You May Also Be Interested In






Related Categories

Reuters

Related Entities

Deutsche Bank, UBS, Goldman Sachs, GTCR

Add Your Comment