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2022: Brookfield Business Partners bought CDK Global for $6.41 billion
On April 7, 2022, CDK Global announced that it had agreed to acquire Brookfield Business Partners as part of an $8.3 billion deal that would make the publicly traded major dealership software manufacturer a private company.
CDK Global provides integrated IT solutions for car retailing and related industries in North America. The company develops dealership management systems, tools for sales, inventory and fixed operations management, financial and insurance management solutions, dealership solutions, and consulting and digital marketing solutions. The company serves automotive, heavy freight, agricultural, construction, marine, sports, recreational and other industries.
The dealership management systems provider, located in Hoffman Estates, Illinois, said Thursday that Brookfield will acquire all outstanding CDK shares, with CDK shareholders receiving $54.87 per share in cash after the deal closes, expected in the third quarter.
This stock price reflects a 30% premium to CDK's stock price at the close of February 18, which the company said was the last full day of trading before market speculation about a possible sale.
After the close of the transaction, CDK shares will no longer be traded on the stock exchange.
 | This deal is an exciting next step for CDK, which gives our shareholders confidence in value and a significant premium. It will also allow CDK to continue implementing our long-term strategy to bring our industry together at all levels and create an open and collaborative future, CDK CEO Brian Krzanich said in a statement. The CDK Board of Directors, in consultation with our external consultants, carefully evaluated a number of strategic and financial alternatives within a few months and decided that this transaction was superior to all other available alternatives. |  |
Brookfield Business Partners is a division of the private equity group of Brookfield Asset Management, a global alternative asset management company.
| | Brookfield recognizes the unique value of our products to more than 15,000 retail outlets in North America and shares our vision of transforming the future of automotive retailing, Krzanich said. We are pleased with the opportunity to further strengthen our attention to improving the quality of service for dealers and consumers when selling, buying and owning a car.[1] | |
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