Academic database provider ProQuest Information and Learning has been acquired by Cambridge Information Group (CIG), which will merge the beleaguered ProQuest with Cambridge Scientific Abstracts (CSA).
ProQuest and CIG have signed a definitive agreement for the deal, said to be worth $222 million which will see CIG take control. The two companies will be combined into a new privately held company, a statement said.
ProQuest has had a poor end to 2006 after an SEC investigation and having to restate its financials for the fiscal years 1999 to 2004. A separate statement will come from ProQuest soon clarifying its restatements.
Martin Kahn will serve as CEO, relocating to Ann Arbor, home of ProQuest, while David "Skip" Prichard, current president of ProQuest will lead the company until the deal is closed.
No comments:
Post a Comment