By Kevin McCauley
Bloomberg is acquiring Arlington, Va.-based Bureau of National Affairs, which produces more than 300 news services for the legal, environmental, tax and regulatory sectors, for $990M.
It plans to launch a tender offer for BNA shares on September 8 and close the deal by yearend.
The deal will expand Bloomberg’s position in the nation’s capital, where it has a presence via its news, government and legal arms.
Dan Doctoroff, CEO of Bloomberg, believes “BNA research and analysis will make Bloomberg’s products even more valuable, and BNA will benefit from our data and technology.”
In his statement, he credited BNA employees for building a “superior franchise” and expressed enthusiasm that the “Bloomberg-BNA combination will deliver more premium content to our professional audiences.”
BNA, was founded in 1926, will operate as a stand-alone subsidiary of Bloomberg. Its flagship properties are U.S. Law Week, Daily Report for Executives and Daily Labor Report.
New York Mayor Mike Bloomberg controls Bloomberg, which has 13,000 employees.
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