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BRIEF-Kronos, Ultimate Software To Merge in All-Stock deal

Published 2020-02-20, 12:28 p/m
BRIEF-Kronos, Ultimate Software To Merge in All-Stock deal

Feb 20 (Reuters) - Kronos Incorporated:

* KRONOS AND ULTIMATE SOFTWARE ENTER DEFINITIVE MERGER AGREEMENT CREATING COMPANY VALUED AT $22 BILLION

* KRONOS INCORPORATED - ARON AIN WILL BE CHIEF EXECUTIVE OFFICER AND CHAIRMAN OF COMBINED COMPANY

* KRONOS - ALL-STOCK MERGER HAS BEEN UNANIMOUSLY APPROVED BY BOARDS OF DIRECTORS OF BOTH COS

* KRONOS INCORPORATED - NEW COMPANY WILL BE JOINTLY HEADQUARTERED IN LOWELL, MASS. AND WESTON, FLA.

* KRONOS - HELLMAN & FRIEDMAN LLC WILL BE CONTROLLING SHAREHOLDER OF NEWLY FORMED CO

* KRONOS - FOLLOWING H&F, PRIVATE EQUITY FUNDS MANAGED BY BLACKSTONE WILL BE LARGEST MINORITY INVESTOR IN NEWLY FORMED CO, FOLLOWED BY GIC, CPPIB

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