Acxiom to sell data business for $2.3 billion | Arkansas Blog

Monday, July 2, 2018

Acxiom to sell data business for $2.3 billion

Posted By on Mon, Jul 2, 2018 at 3:57 PM

click to enlarge acxiom_logo.jpg
As expected, Arkansas-based Acxiom has struck a deal to sell a major portion of its business, a marketing unit, to Interpublic Group for $2.3 billion. A name change and relocation of company headquarters to San Francisco will follow.

The deal will net Axciom $1.7 billion. Said a news release:

Following the completion of the transaction, the Company intends to:

Retire its existing $230 million debt balance, resulting in a debt-free balance sheet;

Initiate a $500 million cash tender offer for its common stock;

Increase its outstanding share repurchase authorization by up to $500 million, and extend the duration of the program to December 31, 2020;

Use the remainder of the proceeds to fund its growth initiatives, strategic acquisition opportunities and meet its ongoing cash needs;

Transfer the Acxiom brand name and associated trademarks to IPG; and

Rename the Company LiveRamp and, shortly thereafter, begin trading its common stock under the new ticker symbol “RAMP”.

CEO Scott Howe and CFO Warren Jenson will remain in their current roles at the Company, which will be headquartered in San Francisco, California.
More of the company news release here.

Acxiom has offices in Little Rock and Conway, though its footprint in Little Rock is now small. It sold its high-rise headquarters in the River Market last year and has retained only some executive offices downtown.

The marketing arm that is being sold has about 2,100 workers. Their future not clear at this point.

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