Ceridian gets debt commitment from Deutsche and Credit Suisse to back buyout

By Sara Rosenberg

New York, May 30 - Ceridian Corp. received firm debt financing commitments from Deutsche Bank and Credit Suisse to help fund its buyout by Thomas H. Lee Partners, LP and Fidelity National Financial, Inc., according to a news release.

Under the terms of the agreement, Ceridian shareholders will receive $36.00 per share in cash. The transaction is valued at $5.3 billion.

THL Partners and FNF expect to bring co-investors into the transaction. FNF will own less than 50% of Ceridian at closing and will treat the Ceridian investment under the equity method of accounting for financial statement purposes.

The transaction is expected to close in the fourth quarter, subject to closing conditions, including the approval of Ceridian's shareholders, antitrust and state regulatory approvals, and the satisfaction of other customary closing conditions. There is no financing condition.

Ceridian is a Minneapolis-based provider of human resources, transportation and retail information management services.

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