Special Committee in Largest Financial Sponsor LBO of 2010
July 29, 2010
Cleary Gottlieb represented the Special Committee of the Board of Directors of Interactive Data Corporation in the leveraged buyout of the company by a private equity consortium of Silver Lake and Warburg Pincus. The all-cash merger is valued at $3.4 billion and marks the largest financial sponsor LBO of 2010. Each share of Interactive Data converted into $33.86 at the closing. Pearson plc, the majority stockholder of Interactive Data, approved the transaction by written consent in lieu of a meeting. Four banks committed to provide debt financing to the consortium of Silver Lake and Warburg.
Interactive Data Corporation provides financial information to subscribers that include thousands of financial institutions and active traders, as well as hundreds of software and service providers.