» Subscribe Today!
More of what you want to know.
The Daily News
X

Forgot your password?
Skip Navigation LinksHome >
VOL. 126 | NO. 167 | Friday, August 26, 2011

Bloomberg to Pay $990M for Legal Research Company

AP

Print | Front Page | Email this story | Comments ()

NEW YORK (AP) – Financial data and news company Bloomberg LP said Thursday that it will pay $990 million for BNA, a publisher of legal, tax and regulatory information.

Bloomberg said it will acquire all outstanding shares of The Bureau of National Affairs Inc., which is owned by its current and former employees. Bloomberg is paying $39.50 per share in cash. The deal is expected to be completed this year.

Bloomberg said the purchase will enhance its coverage of tax, labor, health care and intellectual property issues. Bloomberg said BNA will work with its other subsidiaries in Washington to provide coverage of U.S. regulatory issues.

Bloomberg's other units in Washington include Bloomberg News, Bloomberg Government and Bloomberg Law. BNA's publications include Daily Labor Report, U.S. Law Week and Daily Report for Executives.

Bloomberg said it doesn't anticipate any layoffs as a result of the deal in the short term, but a "gradual, modest consolidation" is anticipated over the long run. Customers will be updated of any product changes once the transaction is complete, the company said.

Bloomberg is a private company founded by New York Mayor Michael Bloomberg.

BNA, based in Arlington, Virginia, was founded in 1929 and provides information primarily to law and accounting firms.

Copyright 2011 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

Sign-Up For Our Free Email Edition
Get the news first with our daily email


 
Blog News, Training & Events
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 119 482 10,051
MORTGAGES 119 497 11,811
FORECLOSURE NOTICES 29 82 1,716
BUILDING PERMITS 268 1,056 21,366
BANKRUPTCIES 50 263 6,700
BUSINESS LICENSES 28 151 3,584
UTILITY CONNECTIONS 33 172 4,155
MARRIAGE LICENSES 20 111 2,290

Weekly Edition

Issues | About

The Memphis News: Business, politics, and the public interest.