Commercial data and analytics giant Dun & Bradstreet is to be acquired by an investor group, in a transaction valued at $6.9bn, including the assumption of $1.5bn of the company's net debt and pension obligations. The transaction is expected to close within six months.
Dun & Bradstreet, which traces its history back to 1841, boasts a database of more than 290 million business records worldwide, used to help connect firms with prospects, suppliers, clients and partners.
The buyer group is led by CC Capital, Cannae Holdings and funds affiliated with Thomas H. Lee Partners, along with a number of other investors. Under the terms of the agreement, which has been unanimously approved by Dun & Bradstreet's Board of Directors, shareholders will receive $145.00 in cash for each share of common stock they own.
Thomas Manning (pictured) will lead the company as CEO through the closing of the transaction; while James Fernandez, a company director since 2004 and Lead Director since February, will serve as Chairman of the Board during the period. Manning comments: 'Today's announcement is the culmination of a thoughtful and comprehensive review of the value creation opportunities available to the company as part of a full portfolio and business assessment and exploration of strategic alternatives with multiple financial sponsors. As a result of this process, the Dun & Bradstreet Board of Directors unanimously determined that this all-cash transaction with the investor group is in the best interest of our shareholders and our company'.
Web site: www.dnb.com .