Friday, July 20, 2007

Bureau Van Dijk: Sale Imminent - Update: SOLD

Reuters is reporting that Candover, the principle owner of BVD is likely to agree a sale with one of the two equity groups vying for purchase of the company. Sources tell Reuters that BC Partners and Cinven are the two remaining parties and they estimate that the purchase price will be under 700mm Euros. BVD has a strong market position where it competes but some companies that were initially interested expressed some concern that the data the company distributes isn't owned by BVD. It is hard to know how accurate or relevant this issue was in the sale process but it would seem that unless we see a last minute surprise on purchase price that there will not be a significant premium paid over the initial estimate which we have seen with some other recent media company sales.

Having said that Candover invested 300mm Euros in 2004 - not such a bad return. Management are going to do well also. Good on them.

UPDATE: Reuters is reporting BVD has been sold to BC Partners for a little less that $1.obill. The deal is expected to close in October pending regulatory approval. Reuters

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