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CDK Global has entered into a definitive agreement to be acquired by Brookfield Business Partners, for a total enterprise value of US$8.3 billion.
Under the terms of the merger agreement, Brookfield will commence a tender offer to acquire all of the outstanding shares of CDK. The agreement was unanimously approved by CDK’s Board of Directors, which recommends that CDK stockholders tender their shares in the offer.
“This transaction is an exciting next step for CDK that provides our shareholders with both certainty of value and a meaningful premium. It also allows CDK to continue executing our long-term strategy to connect our industry at every level and create an open and collaborative future,” said Brian Krzanich, president and chief executive officer, CDK Global. “In consultation with our outside advisors, CDK’s Board of Directors carefully evaluated a range of strategic and financial alternatives over several months and determined that this transaction is superior to all other available alternatives.”