Bloomberg to acquire specialty legal publisher BNA for $990 million
26 Aug 2011
US financial news agency Bloomberg yesterday said that it would acquire specialty publisher The Bureau of National Affairs Inc (BNA), for about $990 million to add legal, tax and regulatory research and analysis.
The acquisition is part of Bloomberg's planned expansion strategy. The financial news provider had acquired the 82-year-old BusinessWeek magazine in 2009 and New Energy Finance, which provides analysis on clean energy sources.
The merger would enhance Bloomberg's coverage and analysis of tax and accounting, labor and employment, healthcare, intellectual property, and telecommunications issues.
The acquisition would also expand Bloomberg's presence in the Washington, DC area through its multiple operating units, Bloomberg News, Bloomberg Government, Bloomberg Law and BNA.
New York-based Bloomberg, founded by New York Mayor Michael Bloomberg, said that both companies would form a unique combination of premium content, deep subject matter expertise, proprietary data and world class technological capabilities to provide distinctive products and solutions for professionals and decision makers in law, government, business and finance.
Bloomberg said it will acquire all outstanding shares of BNA, which is owned by its current and former employees, for $39.50 per share in cash.