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.

Tags: , , ,


Favorite

Comments (14)

Showing 1-14 of 14

Add a comment

 
Subscribe to this thread:
Showing 1-14 of 14

Add a comment

More by Max Brantley

  • French Hill carefully vetting crowd for Mike Pence visit

    Mike Pence will appear at a campaign rally for Republican U.S. Rep. French Hill today in Little Rock and the campaign is monitoring carefully who'll be allowed to attend or cover the event. Hill is running a hide-and-seek campaign, making himself available only in safe settings.
    • Sep 21, 2018
  • Feds bust Central Arkansas drug ring

    The U.S. attorney's office in Little Rock announced today the indictment of 31 people on 53 drug, gun and money laundering charges in a Central Arkansas drug distribution operation supplied from California.
    • Sep 20, 2018
  • Six Supreme Court justices found to have violated ethics code

    The Arkansas Judicial and Disability Commission has announced the filing of formal charges of ethics violations against six members of the Arkansas Supreme Court for their handling of a case involving Circuit Judge Wendell Griffen.
    • Sep 20, 2018
  • More »

Readers also liked…

Most Viewed

Most Recent Comments

  • Re: Voter ID law before the Arkansas Supreme Court

    • Thanks, Razor, but I have all that. I did my research, with very little help…

    • on September 21, 2018
  • Re: Thursday's open line

    • This Coward Trump quote from the article linked below is my pick for "Idiot's Quote"…

    • on September 20, 2018
  • Re: Thursday's open line

    • Franklin Graham hearts him some BP Oil. Yeah, THAT BP, who befouled the Gulf. FYI:…

    • on September 20, 2018
 

© 2018 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation