UPDATE 2-UK events organiser UBM to buy Advanstar for $972 mln
* Deal makes UBM No.1 in U.S. events market on revenue basis - CEO
* Deal expected to immediately add to earnings
* Expects deal to add 135 mln stg to events revenue in 2015
* Shares fall 4.6 pct, top percentage loser on midcap index (Adds CEO, analyst comments; updates share movement)
By Noor Zainab Hussain
Oct 1 (Reuters) - Communications and events company UBM Plc said it would buy trade show organiser Advanstar Communications for $972 million, becoming the top events organiser by revenue in the United States, but its shares fell on concern it had overpaid.
News that UBM would fund the deal through a 563 million pound ($912 million) rights issue also dampened sentiment.
Reuters reported last month that UBM was looking to buy Advanstar for about $900 million.
Many in the market had thought the company would pay for Advanstar by selling its PR Newswire business, analysts said. Continued...