Paul Weiss, Davis Polk Drive CDK's $8.3B Go-Private Deal

By Benjamin Horney (April 7, 2022, 8:17 AM EDT) -- Automotive retail technology company CDK Global will be taken private by Brookfield Business Partners at an enterprise value of $8.3 billion, the companies said Thursday, in an agreement advised, respectively, by Paul Weiss and Davis Polk.

Under the terms of the agreement, BBP, together with institutional partners, will launch a tender offer for all outstanding shares of Illinois-headquartered CDK, with a per share price of $54.87, according to a statement. That is equivalent to a premium of 30% over CDK's closing price on Feb. 18, which is the last trading day before rumors sprouted about a potential sale of the business....

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