Fresh from being reacquired by its former owners, Wasserstein & Company, in Summer 2014, ALM Media has announced the acquisition of Summit Professional Networks.
The January 30 2015 deal will see the publisher of the American Lawyer and the National Law Journal, and a host of other legal titles, expand its portfolio into the insurance, finance, and benefits industries.
Press reports said the deal was worth around $40 million.
Summit Professional Networks was formed in 2006, and the titles moving over to ALM include Investment Advisor, National Underwriter, Credit Union Times, Benefits Selling, ThinkAdvisor.com, PropertyCasualty360 and LifeHealthPro.
InsideCounsel, the respected legal title, is also part of the deal.
The latest transaction comes on the heels of a deal in December 2014 in which ALM acquired Kennedy Consulting Research & Advisory from Bloomberg.