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$3.9 Billion Acquisition of PPD Complete

The $3.9 billion acquisition of PPD by the Carlyle Group and Hellman and Friedman is now complete.

WHQR’s Michelle Bliss reports that company officials made the announcement Monday.

PPD is now a private company, so its common stock will no longer be listed for trading on NASDAQ.

PPD’s shareholders voted to approve the merger in a special meeting last month. They’ll receive more than $33 in cash for each share they own of the company’s common stock.

At its headquarters in Wilmington, PPD employs about 1,500 people. Company officials have said that day-to-day operations in the port city will not change, even though PPD will be a private company after the all-cash transaction.

The Carlyle Group is a global alternative asset manager with more than $150 billion in assets. Hellman & Friedman is a private equity investment firm.

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After growing up in Woodbridge, Virginia, Michelle attended Virginia Tech before moving to Wilmington to complete her Master in Fine Arts from the University of North Carolina in Wilmington. Her reporting and nonfiction writing have been featured on NPR’s All Things Considered, within the pages of Wrightsville Beach Magazine, and in literary journals like River Teeth and Ninth Letter. Before moving to Wilmington, Michelle served as the general manager for WUVT, a community radio station in Blacksburg, Virginia. She lives with her husband Scott and their pups, Katie, Cooper, and Mosey.