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October 27, 2010 12:10 PM

Latham, Dow Lohnes Advise on Kelley Blue Book Deal

Posted by Irene Plagianos announced on Wednesday that it is buying the country’s best known source for information about car pricing, Kelley Blue Book Co. The value of the deal was not disclosed, but the Financial Times reported in September that bankers involved in the transaction estimated Kelly Blue Book to be worth between $500 million and $1 billion.

Kelley Blue Book, which has become practically a bible for new and used car buyers since its founding in 1926, will operate as a subsidiary; its president and executive staff will remain with the company. Autotrader, a leading online hub for auto sales, also acquired Kelley sister companies CDMdata and CDM Dealer Services, which offer hardware and software for the auto industry.

For legal counsel on the deal, Irvine, Calif.-based Kelley turned to a Latham & Watkins team in Orange County led by corporate partner Cary Hyden, who has worked with the company for a number of years. J.P. Morgan provided financial advice.

A Weil, Gotshal & Manges team led by corporate partner Kevin Sullivan represented private equity firm Providence Equity Partners Inc., which aquired a 25 percent stake in in May. relied on lawyers at Dow Lohnes and bankers from Goldman Sachs for the deal.

The sale is expected to close by the end of the year.



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