05 Dec. 2011
WILMINGTON, N.C., (December 5, 2011) - Pharmaceutical Product Development, Inc. today announced the completion of its acquisition by affiliates of The Carlyle Group and affiliates of Hellman & Friedman in an all-cash transaction valued at approximately $3.9 billion.
As previously announced, the transaction was approved by PPD shareholders at a special meeting of shareholders held November 30, 2011. Pursuant to the terms of the merger agreement, PPD's shareholders are entitled to receive $33.25 in cash, without interest, less any applicable withholding taxes, for each share of PPD common stock owned by them. As a result of the merger, PPD's common stock will no longer be listed for trading on NASDAQ.
Shareholders of record will receive a letter of transmittal and instructions on how to surrender their shares of PPD common stock in exchange for the merger consideration. Shareholders of record should wait to receive the letter of transmittal before surrendering their shares.
Morgan Stanley & Co. LLC served as financial advisor, and Lazard provided a fairness opinion, to the board of directors of PPD in connection with the transaction. Wyrick Robbins Yates & Ponton LLP and Skadden, Arps, Slate, Meagher & Flom LLP served as legal advisors to PPD in connection with the transaction. Latham & Watkins LLP, Simpson Thacher & Bartlett LLP and Covington & Burling LLP served as legal counsel, and Credit Suisse served as financial advisor, to Carlyle and Hellman & Friedman in connection with the transaction.
About The Carlyle Group
The Carlyle Group is a global alternative asset manager with over $153 billion of assets under management across 86 funds and 49 fund of fund vehicles as of June 30, 2011. The Carlyle Group invests across four segments - Corporate Private Equity, Real Assets, Global Market Strategies and Fund of Funds Solutions - in Africa, Asia, Australia, Europe, the Middle East, North America and South America. The Carlyle Group's Corporate Private Equity business has developed particular industry expertise in aerospace, defense & government services, consumer & retail, energy, financial services, healthcare, industrial, technology & business services, telecommunications & media and transportation. The Carlyle Group employs more than 1,100 people in 34 offices across six continents. www.carlyle.com
About Hellman & Friedman
Hellman & Friedman LLC is a leading private equity investment firm with offices in San Francisco, New York and London. Since its founding in 1984, Hellman & Friedman has raised and, through its affiliated funds, managed over $25 billion of committed capital. The firm focuses on investing in superior business franchises and serving as a value-added partner to management in select industries including healthcare, business & marketing services, software, financial services, internet & digital media, insurance, media and energy & industrials. For more information on Hellman & Friedman, visit www.hf.com.