Meredith to Buy Time Inc, Barracuda in LBO Deal

Mukesh Buch
27 Nov, 2017
New York City

Barracuda Networks agreed to be acquired by the privately held Thoma Bravo for $1.6 billion. KKR & Co revised its bid price for Japan-based Hitachi Kokusai Electric. Meredith agreed to acquire Time Inc for $2.8 billion. PNC Financial agreed to acquire The Trout Group.

[R]10:30 AM New York – Barracuda Networks agreed to be acquired by the privately held Thoma Bravo for $1.6 billion. KKR & Co revised its bid price for Japan-based Hitachi Kokusai Electric. Meredith agreed to acquire Time Inc for $2.8 billion. PNC Financial agreed to acquire The Trout Group.[/R]

Tollbooth Index increased 29.41 or 0.2% to 13,520.38.

Earnings Review

Barracuda Networks Inc ((CUDA)) soared 16% or $3.80 to $27.49 after the cloud-enabled security and data protection services provider today agreed to be acquired by the privately held Thoma Bravo, LLC in an all-cash transaction valued at $1.6 billion.

The proposed transaction is expected to close before Barracuda''s fiscal year end on February 28, 2018.

KKR & Co. L.P ((KKR)) slid 2 cents to $19.48 after the investments manager revised its bid price for Japan-based semiconductor equipment maker Hitachi Kokusai Electric Inc to 3,132 yen per share which values at about $3 billion, 8% higher than the earlier offer.

Meredith Corporation ((MDP)) surged 11.5% or $7 to $68 after the diversified media publisher agreed to acquire magazine publisher Time Inc., including Time, Sports Illustrated and People for $18.50 per share in cash or about $2.8 billion.

The transaction is expected to close in the first-quarter of 2018.

PNC Financial Services Group Inc ((PNC)) rose 6 cents to $132.63 after the diversified financial services provider agreed to acquire the investor relations and strategic advisory business of The Trout Group, LLC without disclose of financial terms.

The transaction is expected to close in late December.