CDW agrees to $7.3B buyout
Computer technology retailer defends private equity deal, saying it is the next chapter for the firm.
NEW YORK (CNNMoney.com) -- Computer technology retailer CDW Corp. said Tuesday it has agreed to be purchased by a private equity firm for approximately $7.3 billion, following speculation that a sale was forthcoming.
The Vernon Hills, Ill. firm said that its sale to Madison Dearborn Partners (MDP) represented the "next chapter for CDW".
"We believe it provides a compelling opportunity to immediately maximize value for our shareholders," John A. Edwardson, CDW chairman and chief executive officer, said in a statement. "We are pleased to partner with the world-class investment firm of MDP, whose investment goals are closely aligned with our strategy and long-term objectives."
As part of the deal, CDW shareholders will receive $87.75 in cash for each share of CDW common stock they hold, a 16.1 percent premium to last Friday's closing price.