Deals and IPOs

Acxiom Deal Called Off; Buyers to Pay $65 Million


The private-equity buyers of Acxiom have broken off their proposed $2.25 billion acquisition of the data-management company, Acxiom said on Monday.

Silver Lake and ValueAct Capital, which agreed in May to acquire Acxiom , will pay a $65 million settlement in cash to terminate the merger agreement, the company said, below the $110 million termination fee originally agreed to in the deal.

Acxiom Chairman Charles Morgan also announced his retirement, effective once his successor has been selected.

Acxiom Deal Dies

Acxiom's most recent quarterly earnings report showed a net loss of $11.5 million, compared with a year-earlier profit of $17.8 million.

The cancellation of the Acxiom deal comes at a rocky time for leveraged buyouts. The buyouts of student loan provider SLM Corp, or Sallie Mae, and of mortgage and vehicle fleet company PHH Corp are both in jeopardy.

Last month audio equipment maker Harman International Industries said Kohlberg Kravis Roberts and Goldman Sachs' private equity arm had pulled out of their $8 billion buyout deal.