Electra buys UBM businesses

UBM, which organises events and runs marketing, has sealed a £160m deal to sell some of its data services businesses to the private equity firm Electra.

The divisions sold by UBM, which employs more than 6,000 people, include its health, technology, trade and transport, and paper business units, which last year brought in £179m revenues.

David Levin, the group's chief executive, described the disposal as a "significant strategic step forward".

UBM shares fell 43.5p to 740.5p.