Affiliates of The Carlyle Group and Hellman & Friedman will acquire Pharmaceutical Product Development (PPD). The deal is estimated to fetch PPD $3.9 billion. The all-cash transaction has fully committed financing, comprising a blend of equity made available by Carlyle Partners V and Hellman & Friedman Capital Partners VII, and external debt financing by Credit Suisse, J.P. Morgan, Goldman Sachs Group and UBS.
As part of the acquisition, Carlyle and Hellman & Friedman will buy the outstanding common shares of PPD by paying $33.25 per unit in cash. Morgan Stanley & Co. is financial adviser to PPD and Credit Suisse to Carlyle and Hellman & Friedman.
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