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April 25, 2005
Update - DoubleClick Goes Private
The a:c got it right last week when we speculated that DoubleClick might be going private. In a deal valued at $1.1 billion, the company was bought today by Hellman & Friedman, the private equity firm.
According to a report this morning on TheStreet.com: "This transaction provides great value to our stockholders and underscores the strength of our industry leading position and DoubleClick's business model," said CEO Kevin Ryan, who will step down after the deal takes place. DoubleClick execs David Rosenblatt and Brian Rainey will continue to head up the TechSolutions and DataSolutions divisions, and Hellman & Friedman will name a new board and chairman.
According to our sources, look for a major house-cleaning in the executive suite - but also look for many of the remaining execs (who aren't shown the door) to gladly take their severance packages and ride off into the sunset. A pretty decent job market awaits them...
Read: DoubleClick Gets Bought - [TheStreet.com]
Read: Will DoubleClick Go Private? - [a:c]
Posted on April 25, 2005 10:09 AM | Posted to News & Updates
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