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Monday, June 12, 2006

VNU: Now to Phase Two 

Matt Schwartz of BtoB reports that Valcon, the consortium of private equity firms that bid $9.7 billion for VNU, has acquired 97%+ of VNU's outstanding shares. (Actually, 98.97%.)

Here are some of my previous posts on the deal:

VNU 78.7% Sold
VNU: Waiting for the Fat Lady to Sing

And here's what comes next, I think:

Phase Two: Delisting from the public exchanges, which is already underway.
Phase Three: A (short) period of seemingly quiet reflection.
Phase Four: Reorganization, restructuring, new senior management teams for the major business units.
Phase Five: We'll see. I continue to believe that a breakup of major asset groups is likely, though in its initial iteration, it will probably be a split (formal or informal) of those asset groups among the private equity firms participating in the buyout.

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