Cambridge Information Group acquires ProQuest segment
bgzimmer at BABEL.LING.UPENN.EDU
Fri Dec 15 18:53:32 UTC 2006
For those of you following the ProQuest saga...
Source: ProQuest Company
ProQuest Announces Agreement Under Which Cambridge Information Group
Will Acquire Its Information and Learning Segment
Friday December 15, 7:30 am ET
ANN ARBOR, Mich., Dec. 15 /PRNewswire-FirstCall/ -- ProQuest Company,
a publisher of information and education solutions, today reported
that ProQuest Company (the "Company") and its subsidiary, ProQuest
Information and Learning Company, have signed a definitive agreement
with Cambridge Information Group (CIG) providing for the acquisition
of the ProQuest Information and Learning segment for approximately
ProQuest Company intends to issue a separate press release to provide
an update on the ongoing restatement of its financials for fiscal
years 1999-2004 and the first three quarters of 2005, anticipated
results for fiscal 2005 and the first nine months of 2006, its fiscal
2006 outlook, the expected tax impact of the sale of its Business
Solutions and Information and Learning segments, information on
certain of its liabilities, and other matters.
Under the agreement, CIG will combine its Bethesda, Maryland-based CSA
subsidiary with Ann Arbor, Michigan-based ProQuest Information and
Learning to create a new, privately held independent company. The new
company plans to continue operations in both locations.
Alan Aldworth, ProQuest Company's chairman and chief executive
officer, said, "This transaction is a positive event for Information
and Learning, as well as for ProQuest Company and its shareholders.
Information and Learning and CSA are both highly respected providers
in the market for higher education and public library resources.
Combined with a strong privately held company in the same field,
Information and Learning will be well positioned to focus on long-term
growth and investment opportunities."
Andrew M. Snyder, president of CIG, said, "Combining ProQuest's
unparalleled collections with CSA's own rich content builds upon our
mission of delivering an exceptional research service. We will create
a new company that will leverage deep content sets with a history of
innovative product development to bring the community of libraries,
researchers, faculty and students one of the most extensive electronic
After the transaction closes, Martin Kahn will serve as CEO of the new
company and will relocate to Ann Arbor, Michigan. Matt Dunie, current
president of CSA will serve as president of the new company.
David "Skip" Prichard, president ProQuest Information and Learning,
will continue to lead the business actively until the transaction
closes. Subsequently, Skip will be a key contributor to the transition
process. After the transition is successfully under way, Skip plans to
pursue new career opportunities consistent with his interests and
Aldworth emphasized, "Skip and the Information and Learning team have
done an excellent job of sustaining customer loyalty, launching new
products and reducing costs. All of us at ProQuest Company are
appreciative of their accomplishments. The focus at Voyager and our
other ProQuest Education businesses, ExploreLearning and Learning
Page, continues to be providing outstanding service to our customers,
developing our product lines, and carrying out our mission of enabling
children to succeed."
The transaction with CIG is subject to customary closing conditions
and regulatory approvals, including expiration or termination of the
applicable waiting period under the Hart-Scott-Rodino Antitrust
Improvement Act of 1976. The transaction is expected to close after
receiving regulatory approvals and is also subject to financing
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