Bloomberg has completed its acquisition of The Bureau of National Affairs, Inc (BNA) which is now a stand-alone wholly-owned subsidiary of Bloomberg. Originally reported by Fusion DigiNet in August, Bloomberg has acquired all of the outstanding shares of BNA for $39.50 per share in a cash tender offer followed by a merger for a total purchase price of approximately $990 million.
The acquisition was overwhelmingly accepted by the BNA owner/employees, who tendered approximately 95% of their stock within the 20 business day offering period. Additionally, Bloomberg received an early termination of the waiting period under the Hart-Scott-Rodino Act.
“Together, Bloomberg and BNA will offer a unique combination of premium content, deep subject matter expertise, proprietary data and world-class technological capabilities,” said Dan Doctoroff, CEO and President of Bloomberg. “BNA’s trusted and respected research and analysis will significantly enhance our professional offerings including Bloomberg Law, Bloomberg Government and the Bloomberg Professional service.”
The combination propels Bloomberg Law’s expansion into the legal information market and increases Bloomberg’s presence in the Washington, D.C. area where BNA is based. In addition, the combination expands Bloomberg’s coverage and analysis of tax and accounting, labor and employment, healthcare, intellectual property, and telecommunications issues. BNA will be led by its current management team and it will be part of the Bloomberg Industry Verticals Group.
“We’re delighted to formally welcome BNA to the Bloomberg family, and we look forward to working with BNA’s leaders and employees as we shape our future together,” said Peter Grauer, Chairman of Bloomberg. “We will work diligently over the coming months to determine how we will provide the best products for our customers, and will share more information as we progress.”
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