Target: Global Traffic Network Inc.
Price: $267 million
Sponsor: GTCR LLC
Financial Adviser: Moelis & Co.
Legal Counsel: Milbank, Tweed, Hadley & McCloy LLP (Global Traffic Network); Latham & Watkins LLP (GTCR)
Global Traffic Network Inc., a provider of custom traffic and news reports to radio and television stations, said it has agreed to be acquired by a private equity firm
The offer, which is at a premium of 20 percent to Global Traffic’s closing price on the day before the deal was announced, values the company at about $267 million, based on the 19.05 million outstanding common shares.
Moelis & Co. and Milbank, Tweed, Hadley & McCloy LLP were the financial and legal adviser for Global Traffic Network, while Latham & Watkins LLP served as legal adviser to GTCR, the company said in a statement. Shares of the company closed at $11.67 on Nasdaq after the deal was announced.
(Supantha Mukherjee is a correspondent for Reuters in Bangalore.)