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Kronos Snapped Up by Hellman & Friedman

March 27, 2007
by root
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Chelmsford, Mass.-based Kronos Incorporated is being acquired by the private equity firm Hellman & Friedman Capital Partners VI, L.P. and its related funds for approximately $1.8 billion.

Under the terms of the agreement, Kronos shareholders will receive $55 in cash for each share of Kronos common stock, representing a 34.4 percent premium over Kronos' closing share price from 20 trading days ago.

Kronos' Board of Directors has approved the merger agreement and recommended that shareholders adopt it. Pending shareholder approval, the transaction is expected to close in the fourth quarter of fiscal 2007. The transaction will be financed through a combination of debt and equity financing and cash, cash equivalents and short-term investments of Kronos.