When employees hear talk of a buyout, rumors begin to fly. Probably, the most pressing concern is if the purchase will result in redundant or unnecessary positions, ultimately leading to layoffs. Bedford, Massachusetts-based Interactive Data, top provider of financial market information, says there will be no need for employees to worry after its $3.4 billion acquisition by investment firms Silver Lake and Warburg Pincus. (Image courtesy: http://bit.ly/dBnxbv)Presently employing over 500 workers across three locations in the Bay State, Interactive Data says that it will actually increase hiring following its sale, as its increased access to capital will allow for rapid expansion. The company will also maintain its Bedford, MA headquarters. Furthermore, after having purchased 14 companies in the past 13 years, Interactive Data says that it will be just as eager to seek out promising companies to acquire itself in the future.
“With the backing of Silver Lake and Warburg Pincus, we look forward to accelerating our momentum and further enhancing our capabilities, delivery platforms and technical infrastructure,” Interactive Data’s president and chief executive officer, Ray D'Arcy, commented.“I believe that the collective experience and expertise of these firms in the financial services and technology sectors will enable us to take our Company to a new level in terms of our size, capabilities and stature in the industry.”
Stockholders in Interactive Data will receive $33.86 per share of common stock, which is over 30% higher than the last price shares traded at before the company’s Board of Directors announced the company might be acquired. Assuming all standard closing conditions are met, the acquisition is expected to be completed by the end of the third quarter. (Image courtesy: http://bit.ly/bVLkt3)
Interactive Data employees will assuredly be glad to know their jobs are safe. Those holding stock in their employer will be even happier as their portfolios realize a dramatic appreciation in value. Overall, it seems as if only positives should come from this acquisition as the buyer and seller, and employees and shareholders all walk away better off.
[Sources: http://bit.ly/dBnxbv, http://bit.ly/d945OG]
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