On April 25, New York-based DoubleClick has signed a definitive agreement to be acquired by San Francisco-based private equity firm for $8.50 in cash for each share or $1.1 billion. The transaction is expected to close in the third quarter.
Investing alongside Hellman & Friedman San Diego-based venture capital firm JMI Equity, an investor in software and business service industries.
Lazard acted as financial advisor to DoubleClick in connection with the transaction. Wilmer Cutler Pickering Hale and Dorr LLP acted as legal advisor to DoubleClick in connection with the transaction. Bear Stearns acted as financial advisor and Simpson Thacher & Bartlett LLP acted as legal advisor to Hellman & Friedman and JMI Equity.
Following the closing, Kevin Ryan will step down as CEO to pursue other opportunities. At the closing, David Rosenblatt will continue to oversee the TechSolutions division as its CEO, and Brian Rainey will continue to lead the DataSolutions division as its CEO. A new board of directors and chairman will be appointed post closing.