CDI Corp (CDI) Sells UK Subsidiary CDI AndersElite
- Pfizer, banks lead Wall Street lower; presidential debate eyed
- Unusual 11 Mid-Day Movers 9/26: (ARRY) (SMMT) (ACTA) Higher; (PTIE) (DRRX) (SALE) Lower
- CBOE Holdings (CBOE) to Acquire Bats Global Markets (BATS) in ~$3.2B Deal
- LANXESS to Acquire Chemtura (CHMT) in ~$2.5B Deal
- Pfizer (PFE) Won't Pursue Split
Get access to the best calls on Wall Street with StreetInsider.com's Ratings Insider Elite. Get your Free Trial here.
CDI Corp. (NYSE: CDI) announced it has sold its UK-based subsidiary, CDI AndersElite Ltd., to the Anders management team and employees. Anders provides staffing and recruitment services to firms in the UK built environment and rail industries. The Company will maintain a minority interest in the new entity, AndersElite Holdings Ltd.. The transaction is expected to be marginally accretive to fourth quarter earnings.
"The sale of Anders is consistent with our strategy to focus CDI on delivering solutions based on specialized information technology and engineering talent," said CDI President, Michael S. Castleman. "We are pleased that this transaction provides the clients of Anders with strong continuity in the high quality talent delivery and client service for which Anders is recognized. We look forward to working with the Anders team as partners in their future success."
Consideration received by the Company in the transaction includes approximately $6.0 million of cash, subordinated debt in Holdings of approximately $2.3 million and warrants representing 19.99% of the fully diluted equity in Holdings. Additionally, Holdings repaid approximately $0.9 million of existing Anders debt. Anders was part of CDI's Enterprise Talent segment and represents approximately $43.5 million of the segment's $273.1 million of revenue for the six months ended June 30, 2016.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Natus Medical (BABY) to Acquire GN.CO's GN Otometrics Unit in $145M Deal; Offers Q3 Update
- Yum! Brands (YUM) Board Approves Yum China (YUMC) Separation; Increased Dividend Announced
- Parexel (PRXL) Enters Agreement to Acquire ExecuPharm
Create E-mail Alert Related CategoriesCorporate News, Mergers and Acquisitions
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!