Penton Media acquired Farm Progress from Fairfax Media Limited of Sydney, Australia, significantly expanding its agriculture sector footprint to become the largest and most diversified agriculture information business in North America, offering live events, digital products, data, marketing services and publications. This acquisition directly supports a key Penton strategy of increasing investment in existing sectors that offer strong long-term growth potential, and it more than doubles Penton’s position in agriculture, which becomes the company’s largest sector group. The purchase price was $79.9 million before certain adjustments.

The acquisition boosts Penton’s US agriculture market coverage, connecting it to nearly 75% of the 2.2 million farms and ranches in the US and an estimated 85% of the nation’s annual agricultural gross domestic product.

The business case for combining Penton Agriculture and Farm Progress is compelling: the two companies have deep market and content expertise, but the agriculture sub-industries and geographies they serve have minimal overlap. Together, they represent a uniquely powerful strategic reach advantage for any agriculture marketer looking to maximize their business results.

Farm Progress will become part of the Penton Agricultural Group reporting to Penton Senior Vice President, Dan Bagan. Jeff Lapin, president of Farm Progress, will leave the company at the end of the year.

Farm Progress will remain headquartered in St. Charles, IL.