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Private Equity Firm Buys DoubleClickPOSTED April 25, 2005 NEW YORK, NY -- When New York's Internet companies were collectively known as Silicon Alley, DoubleClick was one of the top Internet businesses in the city. Now DoubleClick, a provider of Internet advertising technology, has agreed to be acquired by Hellman & Friedman LLC, a San Francisco-based private equity firm in a deal worth $1.1 billion. Under the terms of the agreement, DoubleClick stockholders will receive $8.50 in cash for each share of DoubleClick common stock, representing a 10.6% premium over the average closing price of DoubleClick's stock for the last thirty (30) trading days. The total amount to be paid to DoubleClick stockholders is approximately $1.1 billion. Investing alongside Hellman & Friedman will be JMI Equity, a San Diego- based venture capital firm exclusively focused on the software and business service industries. Hellman & Friedman and JMI Equity have previously partnered together on a number of software related investments, including Blackbaud Inc. (BLKB), Mitchell International, Inc., and Vertafore, Inc. "This transaction provides great value to our stockholders and underscores the strength of our industry leading position and DoubleClick's business model," said Kevin Ryan, Chief Executive Officer, DoubleClick. Ryan will step down as CEO of the company once the acquisition is complete. "DoubleClick has two outstanding franchises with strong presence in their marketplaces," said Philip Hammarskjold, Managing Director of Hellman & Friedman LLC. "They have powerful brand names, experienced management, and dedicated and skilled employees. We look forward to partnering with the DoubleClick team to help realize the Company's significant opportunities for growth in both its online advertising and marketing and data businesses." |
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