(CDK Global) Shares of CDK Global Inc. rose more than 10% in premarket on Thursday after announcing an $8.3 billion acquisition by Brookfield Business Partners.
CDK shareholders are set to receive $54.84 per share in cash from the deal, representing around 30% premium to the shares closing price on February 18, 2022.
The deal has been approved by the CDK Board of directors, setting it on course to close in the third quarter of the year.
Brian Krzanich, president and CEO of CDK, says the deal is an exciting step for the company to provide a meaningful premium and certainty of value to its shareholders. He expects the transaction to enable CDK to execute its long-term strategy and create an open and collaborative future.
The deal will see CDK cease to trade on the Nasdaq Global Select Market.
CDK: NASDAQ is up +10.94% on premarket.
