PLEASANTVILLE, N.Y., Nov. 16 (UPI) -- A U.S. investor group led by Ripplewood Holdings LLC will purchase The Reader's Digest Association Inc. for about $2.4 billion.
The definitive agreement for the New York state publisher calls for an all-cash deal that marks a 25-percent premium over Reader's Digest Association 's volume-weighted average price over the past 60 trading days.
Reader's Digest, the largest-selling magazine in the world, appears in 50 editions and 21 languages, following launches during the past year in Romania, Slovenia and Croatia. The magazine is sold in more than 60 countries.
Reader's Digest Association, which had revenues of $2.4 billion last year, was advised by Goldman, Sachs & Co. and Michael R. Lynch. Ripplewood, which is based in New York, was advised by Morgan Stanley & Co. Inc., J.P. Morgan Securities Inc., Citigroup and Merrill Lynch.
