JLL Partners Announces Completion of Acquisition of PharmaNet
31 Março 2009 - 9:00AM
PR Newswire (US)
NEW YORK, March 31 /PRNewswire/ -- JLL Partners, a leading private
equity investment fund ("JLL"), today announced the completion of
its acquisition of PharmaNet Development Group, Inc. (NASDAQ:PDGI),
a leading provider of clinical development services ("PharmaNet").
The acquisition was completed on March 30, 2009 through the merger
of JLL's acquisition subsidiary, PDGI Acquisition Corp.
("Purchaser"), with and into PharmaNet. As a result of the merger,
the outstanding shares of PharmaNet common stock not held by JLL or
its affiliates were converted into the right to receive the $5.00
per share cash merger consideration. The merger followed the
successful completion of the previously announced tender offer by
Purchaser and JLL PharmaNet Holdings, LLC ("Parent") for all of the
outstanding shares of PharmaNet common stock at a price of $5.00
per share net to the seller in cash, pursuant to which Parent and
Purchaser acquired approximately 94.8% of the outstanding PharmaNet
shares. Parent and Purchaser are affiliates of JLL Partners Fund
VI, L.P., an investment fund managed by JLL. The common stock of
PharmaNet ceased trading on the NASDAQ Global Select Market prior
to the opening of the market on March 31, 2009. As a result of the
merger and the tender offer, PharmaNet is now wholly owned by JLL
through Parent. About JLL Partners Parent is an affiliate of the
Sponsor, a private equity investment fund managed by JLL. Each of
Parent and Purchaser were formed for the purpose of entering into a
business combination transaction with PharmaNet, and has not
carried on any business activities other than in connection with
the tender offer and merger. Founded in 1988, JLL is a leading
private equity investment firm with approximately $4.0 billion of
capital under management that has invested in a variety of
industries, with special focus on healthcare and medical services,
financial services and building products. JLL makes equity
investments in middle market companies with the objective of
extricating good companies from complicated situations or building
strong companies in partnership with exceptional managers. Further
information related to JLL can be found on its website,
http://www.jllpartners.com/. DATASOURCE: JLL Partners CONTACT:
Brian Wade of JLL Partners, +1-212-210-9317, or Web Site:
http://www.jllpartners.com/
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