CPPIB to invest in $11 bln acquisition of Ultimate Software
An investor group led by U.S. private equity firm Hellman & Friedman has agreed to acquire Ultimate Software (Nasdaq: ULTI), a Weston, Florida-based provider of human capital management solutions in the cloud. The group, which includes Canada Pension Plan Investment Board (CPPIB), agreed to pay US$331.50 per share in cash, representing about US$11 billion in total value. The deal is expected to close in mid-2019, after which Ultimate will operate as a privately held company. Founded in 1990, Ultimate had revenue of more than US$1.1 billion and served over 5,600 businesses worldwide at the end of last year.
4 February 2019•8 mins read
