Summary
Moody's Corporation (MCO) has officially completed its acquisition of Bureau van Dijk Electronic Publishing B.V. (Bureau van Dijk) on August 10, 2017, through its indirect parent companies. This significant transaction was valued at an enterprise value of €3.0 billion (approximately $3.53 billion) on a cash-free, debt-free basis as of December 31, 2016. The purchase price was composed of €2.245 billion in cash, a daily adjustment rate from the locked box date to the completion date, and the retirement of approximately €723 million in the target companies' outstanding debt.
Key Highlights
- 1Completion of the acquisition of Bureau van Dijk Electronic Publishing B.V. for an enterprise value of approximately $3.53 billion (€3.0 billion).
- 2The purchase price included cash consideration of approximately $2.64 billion (€2.245 billion) and the assumption/retirement of approximately $852 million (€723 million) in debt.
- 3The acquisition was financed through a combination of cash, other available funds, and a $500 million term loan facility secured in June 2017.
- 4The proceeds from the $500 million term loan were used to fund a portion of the acquisition consideration, related fees, and to repay certain indebtedness of the acquired companies.
- 5The transaction was initially announced on May 15, 2017, with the Securities Purchase Agreement providing the framework for the deal.
- 6Moody's has stated that financial statements for the acquired business and pro forma financial information will be filed via amendment within 71 days.
- 7The report incorporates a press release dated August 10, 2017, announcing the completion of the acquisition.