Two top Am Law 100 firms are working on a deal that will see closely held Bloomberg L.P. acquire The Bureau of National Affairs, a private and independently owned provider of information to clients in government, business, and academia. The deal is the largest acquisition in Bloomberg’s 30-year history, according to The New York Times.
Bloomberg, a New York-based media and financial data company founded by current New York Mayor Michael Bloomberg, will acquire all the outstanding shares of Arlington, Va.-based BNA, which is owned by its current and former employees. Bloomberg said in a press release announcing the $990 million all cash deal that the transaction — which according to the Times, translates to $39.90 per BNA share — will enhance its capacity for legal, tax, and regulatory research and analysis.
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