Consortium to Get Nielsen for $10 Billion

Nielsen Holdings

NLSN 20.31%

PLC agreed to market by itself to a team of personal-equity firms in a offer that values the media-measurement enterprise at all over $10 billion, resurrecting a deal immediately after talks fell aside previous week.

A consortium led by Elliott Management Corp.’s non-public-fairness arm and

Brookfield Asset Management Inc.

agreed to pay $28 a share for the organization, or $16 billion together with credit card debt, Nielsen claimed Tuesday.

The Wall Avenue Journal claimed earlier Tuesday that the two sides were being shut to these types of a offer.

Nielsen experienced been in innovative talks with the buyout firms to go non-public in a offer that would have valued the corporation at $25.40 a share. But Nielsen rejected the offer March 20.

It claimed WindAcre Partnership LLC, a Houston financial investment business that has a approximately 10% stake in the firm and an additional 14% through swaps, told the enterprise it would get a significant adequate stake to block the transaction if accomplished.

WindAcre was notified of the new offer ahead of time but hasn’t indicated regardless of whether it supports it, individuals familiar with the make a difference claimed. WindAcre declined to remark Tuesday.

The new offer cost represents a approximately 60% quality to Nielsen’s share rate in advance of The Wall Avenue Journal claimed a offer was in the performs before in March. Nielsen shares rose sharply after that and remained elevated following the talks fell apart. Nielsen shares jumped 20% on Tuesday, closing at $26.72.

The deal is entirely financed and consists of a 45-day “go-shop” interval, which allows Nielsen to solicit provides from other bidders during that time period.

Nielsen steps U.S. Tv set scores, which deliver viewers estimates that networks use to market professional time and reassure advertisers they received what they paid for. Its maintain has been loosening as streaming gains steam and common broadcast and cable Television eliminate viewers. Even though the New York-centered organization has launched metrics for streaming in new years, it is just one of many gamers in that area.

Elliott has owned a stake in Nielsen since 2018, when it named for the firm to take a look at a sale. The subsequent yr, Nielsen mentioned it would spin off section of its company to generate two independent, general public firms: International Connect, a industry-analytics operation that actions retail and shopper conduct, and the core media small business.

Global Connect was offered last yr to private-equity agency Advent International Corp. for approximately $3 billion and is now identified as NielsenIQ.

Toronto-based

Brookfield

has a presence in much more than 30 countries and about $690 billion in assets under administration across option financial investment tactics such as buyouts, authentic estate, infrastructure and non-public credit rating.

Elliott, which has about $52 billion below administration, is best recognised for its activist investing but has far more lately been lively in private fairness. It is accomplishing the offer as a result of its private-equity arm, Evergreen Coastline Cash Corp.

In January, Evergreen Coastline agreed with a companion to purchase cloud-computing firm

Citrix Programs Inc.

in what is the 3rd-major offer announced so far this year, in accordance to Dealogic.

The Nielsen offer is amongst the largest declared so considerably this yr. A slowdown in merger volumes driven by industry volatility has curtailed the number of significant bargains getting signed.

Generate to Cara Lombardo at [email protected]

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Appeared in the March 30, 2022, print edition as ‘Nielsen Accepts $10 Billion Takeover Bid.’