By Lisa Kerner
Charlotte, N.C., Feb. 14 - Equifax, Inc. said it will acquire TALX Corp. in a stock and cash transaction valued at $1.4 billion, including the assumption of $191.5 million in debt, as part of its strategy to expand into new markets and acquire proprietary data sources.
Under the agreement, TALX shareholders may elect to receive either 0.861 shares of Equifax stock, $35.50 in cash, or a combination of stock and cash. Equifax will issue approximately 22 million shares of Equifax stock and pay about $300 million in cash.
The proposed transaction has been approved by both companies' boards and is expected to be completed late in the second or early third quarter of 2007.
The board of Equifax has also authorized an additional $400 million share repurchase program, for a total repurchase authorization of $783 million, according to a company news release. Following the merger, Equifax plans to repurchase $700 million in stock in open market transactions or in privately negotiated purchases.
TALX is a provider of employment verification and related human resource/payroll services based in St. Louis.
Equifax is an Atlanta information technology provider that enables and secures global commerce.
| Acquirer: | Equifax, Inc.
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| Target: | TALX Corp.
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| Price per share: | 0.861 of Equifax stock, $35.50 cash or combination of
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| stock and cash
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| Expected closing: | Second or early third quarter of 2007
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| Stock price of acquirer: | NYSE: EFX: $41.69 on Feb. 13
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| Stock price of target: | Nasdaq: TALX: $32.41 on Feb. 13
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