Flight information and forecasting service OAG is expected to have a new owner after a £160 million deal was struck between parent company UBM and private equity company Electra Partners.

UBM had been looking for a buyer of its so-called Delta data services businesses, including OAG Aviation and its various components, as well as units which serve health, paper and other technology-led industries.

The strategic review (a move to "simplify" its business operations) began in July 2012 and has now led to a binding offer from Electra to purchase the portfolio for $160 million, including a £40 million vendor loan note.

UBM says upon completion of the deal around £100 million will be used to repay its own bank debt.

The businesses being offloaded by UBM generated around £180 million in revenue and adjusted operating profit of £27 million during 2012, a drop of £10 million in revenue but essentially flat on the profit number.