Private equity firm GTCR is taking Global Traffic Network Inc. private, buying the company for $267 million, Reuters reported. The firm is paying $14 a share, representing a 20% premium over the company’s closing price Tuesday. Global Traffic provides traffic and news reports to radio and television stations.
(Reuters) – Global Traffic Network Inc., a provider of custom traffic and news reports to radio and television stations, said it has agreed to be acquired by a private equity firm GTCR LLC for $14 a share in cash.
The offer, which is at a premium of 20 percent to Global Traffic’s Tuesday closing price, values the company at about $267 million, based on the 19.05 million outstanding common shares.
Moelis & Co and Milbank, Tweed, Hadley & McCloy LLP were the financial and legal adviser for Global Traffic Network, while Latham & Watkins LLP served as legal adviser to GTCR, the company said in a statement.
Shares of the company closed at $11.67 on Tuesday on Nasdaq.
(Reporting by Supantha Mukherjee in Bangalore; Editing by Sriraj Kalluvila)