By Lisa Kerner
Charlotte, N.C., Feb. 21 - Reed Elsevier agreed to acquire ChoicePoint Inc. for $50 per share or $4 billion.
The transaction, which is not conditioned on financing, is expected to close in the summer of 2008.
Reed Elsevier chief executive officer Sir Crispin Davis said the acquisition will help build the company's risk management business as well as aid in the development of its online workflow solutions strategy.
ChoicePoint was advised by Goldman, Sachs & Co., while Reed Elsevier was advised by Morgan Stanley.
Alpharetta, Ga.-based ChoicePoint provides identification and credential verification services.
Reed Elsevier is a publisher and information provider based in London. The company is jointly owned by Reed Elsevier plc and Reed Elsevier NV.
| Acquirer: | Reed Elsevier
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| Target: | ChoicePoint Inc.
|
| Announcement date: | Feb. 21
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| Transaction total: | $4 billion
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| Price per share: | $50
|
| Expected closing: | Summer of 2008
|
| Stock price of target: | NYSE: CPS; $33.66 on Feb. 20
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