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PPD Sold for $3.9 Billion, Officials say Daily Operations won't Change

By Michelle Bliss

http://stream.publicbroadcasting.net/production/mp3/whqr/local-whqr-988716.mp3

Wilmington, NC – PPD announced Monday that it's being sold for $3.9 billion to The Carlyle Group and Hellman & Friedman. WHQR's Michelle Bliss reports that after the all-cash transaction, Wilmington-based PPD will be a private company.

Company Spokesperson Ned Glascock says that nothing will change in the day-to-day operations of the business, which employs about 1,500 at its headquarters in downtown Wilmington.

The Carlyle Group and Hellman & Friedman will acquire PPD's outstanding common shares for $33.25 per share.

Company officials say the sale price represents a premium of 29.6 percent over PPD's closing price on Friday. The Carlyle Group is a global alternative asset manager with more than $150 billion in assets. Hellman & Friedman is a private equity investment firm.

PPD's board of directors unanimously approved the merger and once the company files a definitive proxy statement with the U.S. Securities and Exchange Commission, it will hold a special meeting for PPD's shareholders.

Company officials say the transaction is expected to close by the end of this year.

Fred Eshelman, PPD's founder and executive chairman, says that the sale provides an attractive return for shareholders while also ensuring a commitment to investment and innovation.

Read PPD's statement released Monday.

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