Bloomberg to pay $990M for legal research company

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Associated Press

Posted on August 25, 2011 at 1:01 PM

Updated Thursday, Aug 25 at 1:02 PM

NEW YORK (AP) — Financial information and news company Bloomberg says it will pay $990 million for BNA, a publisher of news and research on legal, tax and regulatory issues.

Bloomberg says it will acquire all the outstanding shares of The Bureau of National Affairs Inc., which is owned by its current and former employees. Bloomberg is paying $39.50 per share in cash. The deal is expected to be completed this year.

Bloomberg says the purchase will enhance its coverage of tax, labor, health care and intellectual property issues. Bloomberg says BNA will work with its other subsidiaries in Washington to provide coverage of U.S. regulatory issues.

Bloomberg's other units in Washington include Bloomberg News, Bloomberg Government and Bloomberg Law.

BNA's publications include Daily Labor Report, U.S. Law Week and Daily Report for Executives.

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