Bloomberg closes on deal for tax and legal research company
by Chris Roush
Bloomberg LP announced Friday that it has completed its acquisition of The Bureau of National Affairs Inc. (BNA) which is now a standalone subsidiary of Bloomberg.
The deal was for approximately $990 million.
The acquisition was overwhelmingly accepted by the BNA owners, who tendered approximately 95 percent of their stock within the 20 business day offering period. Additionally, Bloomberg received an early termination of the waiting period under the Hart-Scott-Rodino Act.
“Together, Bloomberg and BNA will offer a unique combination of premium content, deep subject matter expertise, proprietary data and world-class technological capabilities,” said Dan Doctoroff, CEO and president of Bloomberg, in a statement. “BNA’s trusted and respected research and analysis will significantly enhance our professional offerings including Bloomberg Law, Bloomberg Government and the Bloomberg Professional service.”
The combination expands Bloomberg Law into the legal information market and increases Bloomberg’s presence in the Washington, D.C. area where BNA is based.
In addition, the combination expands Bloomberg’s coverage and analysis of tax and accounting, labor and employment, healthcare, intellectual property, and telecommunications issues.
BNA will be led by its current management team and it will be part of the Bloomberg Industry Verticals Group.