Equity firm Hellman & Friedman to acquire DoubleClick for $1.1 billion
Hellman & Friedman LLC, a San Francisco-based equity investment firm specializing in marketing and software companies, said it will acquire online advertising technology and services company DoubleClick Inc. in a cash-for-stock deal worth $1.1 billion.
Philip Hammarskjold, managing director of Hellman & Friedman, said his firm will help DoubleClick grow in its advertising and marketing services market and its data management business. DoubleClick’s products and services include web-based advertising management applications and database management applications that support multi-channel marketing. "They have powerful brand names, experienced management, and dedicated and skilled employees,” Hammarskjold said. “We look forward to partnering with the DoubleClick team to help realize the company’s significant opportunities for growth in both its online advertising and marketing and data businesses."
DoubleClick CEO Kevin Ryan will leave the company to pursue other interests after the deal is closed, the companies said. Final approval of the acquisition is pending approval by DoubleClick’s shareholders and the expiration of a waiting period required by the Hart-Scott-Rodino Act. Hellman & Friedman’s other investments include Digitas, an interactive marketing firm. Joining Hellman & Friedman in the DoubleClick acquisition is San Diego-based venture capital firm JMI Equity.
Following the deal’s closing, David Rosenblatt will continue to oversee DoubleClick’s TechSolutions division as its CEO, and Brian Rainey will continue to serve as CEO of DoubleClick`s DataSolutions division. A new board of directors and chairman will be appointed after the closing.
DoubleClick`s existing Zero Coupon Subordinated Notes due in 2023 in the principal amount of $135 million will remain outstanding, subject to the rights of the holders to require DoubleClick to repurchase such notes at par following consummation of the transaction, the companies said.
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