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May 4, 2010 3:06 PM

Cleary, Simpson Thacher, Morgan Lewis on $3.4 Billion I.D.C. Deal

Posted by D.M. Levine

Correction: The original version of this story incorrectly identified the source of a press release that included details of this deal. That press release was issued by Interactive Data Corporation. We regret the error.

Massachusetts-based Interactive Data Corporation, a provider of financial market data, announced Tuesday that it will be acquired by private equity firms Warburg Pincus and Silver Lake Partners in a deal worth $3.4 billion.

The deal's terms call for New York–based Warburg and California-based Silver Lake to pay I.D.C. stockholders $33.86 per share, according to an I.D.C. press release. The largest single stockholder is British publisher Pearson, which--in addition to its 61 percent stake in I.D.C.--owns the Financial Times and Penguin Books. According to a report in The New York Times, Pearson agreed to sell its I.D.C. holdings for $2 billion.

"With the backing of Silver Lake and Warburg Pincus, we look forward to accelerating our momentum and further enhancing our capabilities, delivery platforms, and technical infrastructure," Ray D'Arcy, I.D.C.'s president and chief executive said in the company's statement. 

Cleary Gottlieb Steen & Hamilton represented a special committee of the I.D.C. board in the acquisition talks, while Morgan, Lewis & Bockius represented the company itself, and Simpson Thacher & Bartlett represented the investing consortium.

For Cleary, partners Ethan Klingsberg and Matthew Salerno took the lead on behalf of the I.D.C. special committee. Simpson Thacher partners Peter Malloy and Chad Skinner led the firm's team for the private equity purchasers. Morgan Lewis partners Charles Engros and Rob Dickey worked on the deal from the I.D.C. end.

Cleary's Klingsberg says the acquisition comes as part of a general uptick in buyout activity among private equity firms. “The leverage buyout market is back,” he says. "Clearly banks are eager to jump in to fuel LBOs again. We’re not yet at the size that we were--the magnitude of the deals that we saw in 2006--but we’re getting larger.”

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