Automotive software maker CDK Global Inc said on Thursday it would be taken private by Brookfield Business Partners for $6.41bn in cash.
The deal will pay CDK investors $54.87 for each share held, a premium of 12% to the company’s closing price on Wednesday. The enterprise value of the deal is $8.3 billion.
CDK, based in Hoffman Estates, Illinois, makes technology and software for retailers and auto manufacturers and serves more than 15,000 retail locations in North America.
Its purchase by Brookfield Business Partners, a unit of Brookfield Asset Management, is expected to close in the third quarter of 2022.
CDK shares were 10.8% higher in pre-market trading on Thursday.
The company in late 2020 sold its international business for $1.45 billion to investment firm Francisco Partners.
By: Reuters.
Image: Forbes.
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