NEW YORK, March 31 /PRNewswire/ -- JLL Partners, a leading private equity investment fund ("JLL"), today announced the completion of its acquisition of PharmaNet Development Group, Inc. , a leading provider of clinical development services ("PharmaNet"). The acquisition was completed on March 30, 2009 through the merger of JLL's acquisition subsidiary, PDGI Acquisition Corp. ("Purchaser"), with and into PharmaNet. As a result of the merger, the outstanding shares of PharmaNet common stock not held by JLL or its affiliates were converted into the right to receive the $5.00 per share cash merger consideration. The merger followed the successful completion of the previously announced tender offer by Purchaser and JLL PharmaNet Holdings, LLC ("Parent") for all of the outstanding shares of PharmaNet common stock at a price of $5.00 per share net to the seller in cash, pursuant to which Parent and Purchaser acquired approximately 94.8% of the outstanding PharmaNet shares. Parent and Purchaser are affiliates of JLL Partners Fund VI, L.P., an investment fund managed by JLL. The common stock of PharmaNet ceased trading on the NASDAQ Global Select Market prior to the opening of the market on March 31, 2009. As a result of the merger and the tender offer, PharmaNet is now wholly owned by JLL through Parent.
About JLL Partners
Parent is an affiliate of the Sponsor, a private equity investment fund managed by JLL. Each of Parent and Purchaser were formed for the purpose of entering into a business combination transaction with PharmaNet, and has not carried on any business activities other than in connection with the tender offer and merger.
Founded in 1988, JLL is a leading private equity investment firm with approximately $4.0 billion of capital under management that has invested in a variety of industries, with special focus on healthcare and medical services, financial services and building products. JLL makes equity investments in middle market companies with the objective of extricating good companies from complicated situations or building strong companies in partnership with exceptional managers. Further information related to JLL can be found on its website, www.jllpartners.com.
CONTACT: Brian Wade of JLL Partners, +1-212-210-9317, or
Web site: http://www.jllpartners.com/