Financial services conglomerate Bloomberg and tax publisher BNA have entered into an agreement for Bloomberg to acquire all outstanding shares of BNA in a deal worth roughly $990 million, it was announced Thursday.
Under the terms of the agreement, Bloomberg will pay $39.50 per share in the deal that is expected to close before the end of the year.
Upon closing, Washington, D.C.-based BNA, a provider of legal, tax and regulatory research and analysis, would become a stand-alone subsidiary of Bloomberg.
"BNA’s employees have built a superior franchise and we are enthusiastic about a Bloomberg-BNA combination that will deliver more premium content to our professional audiences,” said Dan Doctoroff, chief executive and president of Bloomberg. “BNA research and analysis will make Bloomberg’s products even more valuable, and BNA would benefit from our data and technology expertise.”
The acquisition of BNA and its content will bolster Bloomberg Law, the company’s legal research system, as well as enhance Bloomberg’s coverage of tax and accounting, labor and employment, healthcare, intellectual property, and telecommunications issues.
“For more than eight decades, we have provided our subscribers with quality products that allow them to do their jobs more effectively and efficiently,” said Paul N. Wojcik, chairman and CEO of BNA. “We believe this is the start of a new day, where we will join forces with Bloomberg to extend our premium content to an expanded audience.”
The acquisition will also grow Bloomberg’s presence in Washington, D.C. and coverage of U.S. policy and regulatory issues through its Bloomberg News and Bloomberg Government units.
“Bloomberg and BNA share many of the same values, including a commitment to deliver high-quality content to customers, employing highly skilled and experienced workers and offering superior customer service,” said Peter Grauer, chairman of Bloomberg. “We look forward to welcoming them to the Bloomberg family.”
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