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The consortium will buy Nielsen for $ 10 billion

Nielsen Holdings NLSN 20.31%

The PLC agreed to sell itself to a group of private equity firms in a deal that valued the media measurement company at around $ 10 trillion, after reviving talks last week after the deal was broken.

Elliott Management Corp.’s privately held Army and Brookfield Asset Management Inc.

He agreed to pay $ 28 billion for the company, or $ 16 billion in debt, Nielsen said Tuesday.

The Wall Street Journal reported earlier Tuesday that the two sides were close to reaching an agreement.

Nielsen was in advanced negotiations with the purchasing companies in a deal that would value the private equity company at $ 25.40 a share. But Nielsen rejected the deal on March 20.

WindAcre Partnership LLC, a Houston-based investment firm with approximately 10% stake in the company and 14% more through exchanges, told the company it would buy enough shares to block the transaction.

WindAcre had previously announced the new deal, but has not indicated whether it will accept it, according to people familiar with the matter. WindAcre did not comment on Tuesday.

The new deal price represents a 60% premium to Nielsen’s share price, before The Wall Street Journal reported earlier in March that a deal was underway. Nielsen shares rose sharply after the collapse of the talks. Shares of Nielsen were up 20% on Tuesday, closing at $ 26.72.

The deal is fully funded and includes a 45-day “go-shop” period, which allows Nielsen to request bids from other bidders during that period.

Nielsen measures U.S. television ratings to provide audience estimates that networks use to sell commercial time and to ensure that they have paid their advertisers. Its strength has been unleashed as streaming has gained steam and traditional broadcasts and cable TV have lost viewers. Although the New York-based company has introduced streaming measurements in recent years, it is one of the many players in the field.

Elliott has held a stake in Nielsen since 2018, when it asked the company to consider a sale. The following year, Nielsen said it would split part of its business to form two separate public companies: Global Connect, a market analysis operation that measures retail and consumer behavior, and a major media business.

Global Connect last year Advent International Corp. it was sold to a private equity firm for nearly $ 3 billion and is now known as NielsenIQ.

Toronto’s Brookfield has a presence in more than 30 countries and manages about $ 690 billion in assets, including alternative investment strategies such as purchasing, real estate, infrastructure and private lending.

Elliott, who manages about $ 52 billion, is known for investing in his activists, but has recently been involved in private assets. The deal is being made through the private equity of Evergreen Coast Capital Corp.

In January, Evergreen Coast agreed with a partner to buy the cloud computing company Citrix Systems Inc.

this is the third largest deal announced so far this year, according to Dealogic.

The Nielsen agreement is one of the biggest announced so far this year. The slowdown in market volatility driven by market volatility has reduced the number of major agreements signed.

Write Cara Lombardo at cara.lombardo@wsj.com

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Published March 30, 2022, “Nielsen supports $ 10,000 billion in bids.”

The consortium will buy Nielsen for $ 10 billion

Source link The consortium will buy Nielsen for $ 10 billion

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