Dun & Bradstreet Enters Into a Definitive Agreement To Be Acquired by Clearlake Capital Group
Dun & Bradstreet (NYSE: DNB) has entered into a definitive agreement to be acquired by Clearlake Capital Group in a transaction valued at $7.7 billion, including outstanding debt, with an equity value of $4.1 billion. Under the agreement, DNB shareholders will receive $9.15 in cash per share.
The company has demonstrated strong performance over the past six years, with revenue growth of approximately 40%, EBITDA growth of 60%, margin expansion of nearly 600 basis points, and leverage reduction from 9x to 3.6x. The transaction includes a 30-day 'go-shop' period and is expected to close in the third quarter of 2025, subject to shareholder approval and regulatory clearances. Upon completion, DNB will become a privately held company.
Dun & Bradstreet (NYSE: DNB) ha stipulato un accordo definitivo per essere acquisita da Clearlake Capital Group in una transazione valutata 7,7 miliardi di dollari, compreso il debito in essere, con un valore patrimoniale di 4,1 miliardi di dollari. In base all'accordo, gli azionisti di DNB riceveranno 9,15 dollari in contante per azione.
L'azienda ha dimostrato una solida performance negli ultimi sei anni, con una crescita dei ricavi di circa il 40%, una crescita dell'EBITDA del 60%, un'espansione del margine di quasi 600 punti base e una riduzione del leverage da 9x a 3,6x. La transazione include un periodo di 'go-shop' di 30 giorni ed è prevista la chiusura nel terzo trimestre del 2025, soggetta all'approvazione degli azionisti e alle autorizzazioni regolatorie. Al termine, DNB diventerà una società privata.
Dun & Bradstreet (NYSE: DNB) ha firmado un acuerdo definitivo para ser adquirida por Clearlake Capital Group en una transacción valorada en 7.7 mil millones de dólares, incluyendo la deuda pendiente, con un valor de capital de 4.1 mil millones de dólares. Según el acuerdo, los accionistas de DNB recibirán 9.15 dólares en efectivo por acción.
La compañía ha demostrado un sólido desempeño en los últimos seis años, con un crecimiento de ingresos de aproximadamente el 40%, un crecimiento de EBITDA del 60%, una expansión del margen de casi 600 puntos básicos y una reducción del apalancamiento de 9x a 3.6x. La transacción incluye un período de 'go-shop' de 30 días y se espera que se cierre en el tercer trimestre de 2025, sujeto a la aprobación de los accionistas y autorizaciones regulatorias. Al completarse, DNB se convertirá en una empresa privada.
던 & 브래드스트리트 (NYSE: DNB)는 클리어레이크 캐피탈 그룹에 인수되기 위한 최종 계약을 체결하였으며, 이 거래는 부채를 포함하여 77억 달러로 평가되며, 자본 가치는 41억 달러입니다. 계약에 따라 DNB 주주들은 주당 9.15달러의 현금을 받게 됩니다.
회사는 지난 6년 동안 약 40%의 수익 성장, 60%의 EBITDA 성장, 거의 600bp의 마진 확장, 그리고 9배에서 3.6배로의 레버리지 감소를 보여주었습니다. 이 거래에는 30일의 '고샵' 기간이 포함되어 있으며, 2025년 3분기에 마무리될 것으로 예상되며, 주주 승인 및 규제 승인에 따라 달라질 수 있습니다. 완료 후 DNB는 비상장 회사가 됩니다.
Dun & Bradstreet (NYSE: DNB) a conclu un accord définitif pour être acquis par Clearlake Capital Group dans une transaction évaluée à 7,7 milliards de dollars, y compris la dette en cours, avec une valeur des capitaux propres de 4,1 milliards de dollars. Selon l'accord, les actionnaires de DNB recevront 9,15 dollars en espèces par action.
L'entreprise a démontré une solide performance au cours des six dernières années, avec une croissance des revenus d'environ 40 %, une croissance de l'EBITDA de 60 %, une expansion de la marge de près de 600 points de base et une réduction de l'effet de levier de 9x à 3,6x. La transaction comprend une période de 'go-shop' de 30 jours et devrait se conclure au troisième trimestre de 2025, sous réserve de l'approbation des actionnaires et des autorisations réglementaires. Une fois terminée, DNB deviendra une entreprise privée.
Dun & Bradstreet (NYSE: DNB) hat eine endgültige Vereinbarung zur Übernahme durch Clearlake Capital Group unterzeichnet, die mit 7,7 Milliarden Dollar bewertet wird, einschließlich der ausstehenden Schulden, mit einem Eigenkapitalwert von 4,1 Milliarden Dollar. Gemäß der Vereinbarung erhalten die DNB-Aktionäre 9,15 Dollar in bar pro Aktie.
Das Unternehmen hat in den letzten sechs Jahren eine starke Leistung gezeigt, mit einem Umsatzwachstum von etwa 40%, einem EBITDA-Wachstum von 60%, einer Margenausweitung von fast 600 Basispunkten und einer Reduzierung des Leverage von 9x auf 3,6x. Die Transaktion umfasst eine 30-tägige 'Go-Shop'-Phase und wird voraussichtlich im dritten Quartal 2025 abgeschlossen, vorbehaltlich der Genehmigung durch die Aktionäre und der regulatorischen Genehmigungen. Nach Abschluss wird DNB ein privates Unternehmen werden.
- All-cash transaction providing immediate liquidity for shareholders
- Strong historical performance with 40% revenue growth and 60% EBITDA growth
- Significant margin improvement of 600 basis points
- Substantial leverage reduction from 9x to 3.6x
- 30-day go-shop period allows for potential superior offers
- Shareholders will lose exposure to future growth potential post-privatization
- Stock will be delisted from public markets
- Transaction is subject to regulatory and shareholder approval risks
Insights
Clearlake Capital's acquisition of Dun & Bradstreet at
The transaction structure includes a 30-day "go-shop" period allowing DNB to solicit potentially superior offers, providing shareholders with additional protection to ensure fair value realization. The
DNB's reported performance metrics over the past six years are impressive -
The privatization will remove quarterly earnings pressures, potentially allowing for more aggressive long-term investments in AI-powered solutions leveraging DNB's extensive data assets. For shareholders, while this caps potential future upside, it eliminates market volatility risk with guaranteed returns. The unanimous board approval signals confidence that this represents optimal value for shareholders.
Dun & Bradstreet Shareholders to Receive
Transaction Valued at
Under the terms of the agreement, which has been unanimously approved by Dun & Bradstreet’s Board of Directors, Dun & Bradstreet shareholders will receive
“We have been on a strategic journey over the last six years, executing a major transformation that has strengthened our business and financial results. We have grown revenue by approximately
“Dun & Bradstreet has built a trusted, globally recognized brand and has amassed a preeminent set of data and analytics that empower organizations of all sizes. As companies become more data-centric in their decisioning in this fast-paced world, we see vast potential for Dun & Bradstreet to deliver AI-powered solutions to their global client base,” said Behdad Eghbali, Co-Founder and Managing Partner, and James Pade, Partner, at
Transaction Details
The purchase price will be funded by
The agreement provides for a “go-shop” period, during which Dun & Bradstreet, with the assistance of BofA Securities, will actively solicit, evaluate and potentially enter into negotiations with and provide due diligence access to parties that submit alternative proposals. The go-shop period is 30 days. Dun & Bradstreet will have the right to terminate the agreement and enter into a superior proposal, subject to the conditions and procedures specified in the merger agreement to be filed by Dun & Bradstreet with the Securities and Exchange Commission today on Form 8-K. There can be no assurance this process will result in a superior proposal. Dun & Bradstreet does not intend to disclose developments about this process unless and until its Board of Directors has made a decision with respect to any potential superior proposal.
The transaction is expected to close in the third quarter of 2025, subject to Dun & Bradstreet shareholder approval, regulatory clearances and other customary closing conditions. The Dun & Bradstreet Board unanimously recommends that shareholders vote to approve the merger at an upcoming special meeting of shareholders.
Upon completion of the transaction, Dun & Bradstreet will become a privately held company and shares of Dun & Bradstreet common stock will no longer be listed on any public market.
BofA Securities is serving as financial advisor to Dun & Bradstreet and Weil, Gotshal & Manges LLP is serving as legal counsel.
Financial advisors to
About Dun & Bradstreet
Dun & Bradstreet, a leading global provider of business decisioning data and analytics, enables companies around the world to improve their business performance. Dun & Bradstreet’s Data Cloud fuels solutions and delivers insights that empower customers to accelerate revenue, lower cost, mitigate risk, and transform their businesses. Since 1841, companies of every size have relied on Dun & Bradstreet to help them manage risk and reveal opportunity.
About
Clearlake Capital Group, L.P. is an investment firm founded in 2006 operating integrated businesses across private equity, credit and other related strategies. With a sector-focused, approach, the firm seeks to partner with experienced management teams by providing patient, long-term capital to dynamic businesses that can benefit from Clearlake’s operational approach, O.P.S.® The firm’s core private equity target sectors are technology, industrials, and consumer.
Cautionary Statement Regarding Forward-Looking Statements
This communication contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the effects of the proposed acquisition of Dun & Bradstreet by an affiliate of Clearlake Capital Group, L.P. Forward-looking statements are based on Dun & Bradstreet’s management’s beliefs, as well as assumptions made by, and information currently available to, them. Forward-looking statements can be identified by words such as “anticipates,” “intends,” “plans,” “seeks,” “believes,” “estimates,” “predicts,” “potential,” “expects,” “may,” “could,” “might,” “likely,” “will,” “should” and similar references to future periods, or by the inclusion of forecasts or projections. Examples of forward-looking statements include, but are not limited to, statements we make regarding the outlook for our future business and financial performance. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. It is not possible to predict or identify all risk factors. Consequently, the risks and uncertainties listed below should not be considered a complete discussion of all of our potential trends, risks and uncertainties and, except as required by law, we undertake no obligation to make any revisions to any forward-looking statements contained in this communication or to update them to reflect events or circumstances occurring after the date of this communication, whether as a result of new information, future events/developments or otherwise. Investors are cautioned not to place undue reliance on these forward-looking statements.
The risks and uncertainties that forward-looking statements are subject to include, but are not limited to: (i) the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement; (ii) the inability to complete the proposed merger due to the failure to obtain shareholder approval for the proposed merger or the failure to satisfy other conditions to completion of the proposed merger; (iii) risks related to disruption of management’s attention from our ongoing business operations due to the proposed merger; (iv) the effect of the announcement of the proposed merger on our relationships with our customers, operating results and business generally; (v) the risk that the proposed merger will not be consummated in a timely manner; (vi) our ability to implement and execute our strategic plans to transform the business; (vii) our ability to develop or sell solutions in a timely manner or maintain client relationships; (viii) competition for our solutions; (ix) harm to our brand and reputation; (x) unfavorable global economic conditions including, but not limited to, volatility in interest rates, foreign currency markets, inflation, and supply chain disruptions; (xi) risks associated with operating and expanding internationally; (xii) failure to prevent cybersecurity incidents or the perception that confidential information is not secure; (xiii) failure in the integrity of our data or systems; (xiv) system failures and personnel disruptions, which could delay the delivery of our solutions to our clients; (xv) loss of access to data sources or ability to transfer data across the data sources in markets where we operate; (xvi) failure of our software vendors and network and cloud providers to perform as expected or if our relationship is terminated; (xvii) loss or diminution of one or more of our key clients, business partners or government contracts; (xviii) dependence on strategic alliances, joint ventures and acquisitions to grow our business; (xix) our ability to protect our intellectual property adequately or cost-effectively; (xx) claims for intellectual property infringement; (xxi) interruptions, delays or outages to subscription or payment processing platforms; (xxii) risks related to acquiring and integrating businesses and divestitures of existing businesses; (xxiii) our ability to retain members of the senior leadership team and attract and retain skilled employees; (xxiv) risks related to changes in the political and legislative landscape in which we operate (including as a result of changes in domestic and international governments and policies) and potential corporate tax reform, and our ability to adapt to those changes as well as adaptation by our key customers and suppliers; (xxv) risks related to registration and other rights held by certain of our largest shareholders; (xxvi) an outbreak of disease, global or localized health pandemic or epidemic, or the fear of such an event, including the global economic uncertainty and measures taken in response; (xxvii) the potential for political, social, or economic unrest, terrorism, hostilities or war, including increased economic uncertainty related to the ongoing conflict between
No Offer or Solicitation; Additional Information and Where to Find It
This communication is not intended to and does not constitute an offer to sell or the solicitation of an offer to subscribe for or buy or an invitation to purchase or subscribe for any securities or the solicitation of any vote or approval in any jurisdiction, nor shall there be any sale, issuance or transfer of securities in any jurisdiction in contravention of applicable law. In connection with the proposed merger, the Company intends to file relevant materials with the SEC, including a preliminary proxy statement on Schedule 14A to be filed with the SEC (the “Proxy Statement”). This communication is not a substitute for the Proxy Statement or any other document that the Company may file with the SEC or send to its shareholders in connection with the proposed merger. SHAREHOLDERS OF THE COMPANY ARE ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER DOCUMENTS FILED BY THE COMPANY WITH THE SEC IN CONNECTION WITH THE PROPOSED MERGER BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE COMPANY, THE PROPOSED MERGER AND THE BUSINESS TO BE CONDUCTED AT THE SPECIAL MEETING. All such documents, when filed, may be obtained free of charge at the SEC’s website (http://www.sec.gov). These documents, once available, and the Company’s other filings with the SEC also will be available free of charge on the Company’s website at https://investor.dnb.com/financials/sec-filings/default.aspx.
Participants in the Solicitation
The Company, its directors and certain of its executive officers and employees may be deemed participants in the solicitation of proxies from stockholders in connection with the proposed merger. Information regarding the names of the Company’s directors and executive officers and certain other individuals and their respective interests in the Company by security holdings or otherwise is set forth in the Company’s definitive proxy statement on Schedule 14A for its 2024 annual meeting of stockholders, filed with the SEC on April 25, 2024 (the “2024 Definitive Proxy”), which is available here. Please refer to the sections captioned “Executive Compensation” and “Security Ownership of Certain Beneficial Owners” in the 2024 Definitive Proxy. To the extent that certain Company participants or their affiliates have acquired or disposed of security holdings since the “as of” date disclosed in the 2024 Definitive Proxy, such transactions have been or will be reflected on Statements of Change in Ownership on Form 4 or amendments to beneficial ownership reports on Schedules 13D filed with the SEC, which are available at: https://www.sec.gov/cgi-bin/browse-edgar?CIK=0001799208&owner=exclude. Such filings and the 2024 Definitive Proxy are available free of charge on the Company’s website at https://investor.dnb.com/financials/sec-filings/default.aspx or through the SEC’s website at www.sec.gov. Updated information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, will be set forth in the Company’s proxy statement on Schedule 14A and other materials to be filed with the SEC in connection with the proposed merger.
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For Dun & Bradstreet:
Media Contact:
PR@dnb.com
904-648-6130
Investor Contact:
IR@dnb.com
904-648-8006
For
Media Contact:
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Source: Dun & Bradstreet
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