LONDON - Bloomberg LP, the closely held news and financial information provider, agreed to buy the Bureau of National Affairs Inc. for about $990 million to add legal, tax, and regulatory research and analysis.
BNA shareholders, who are current and former employees, will get $39.50 a share in cash in a transaction that is projected to be completed this year, Bloomberg said.
The deal is part of Bloomberg’s expansion into new businesses to add products to the company’s terminal, a data hub used by traders and executives, and add to new titles for its news group. In 2009, Bloomberg acquired Businessweek magazine and New Energy Finance, which provides analysis on clean energy sources.
BNA, which publishes the Daily Labor Report and US Law Week, will “significantly grow Bloomberg’s presence in Washington’’ and its research will contribute to coverage and analysis of employment, health care, labor, accounting, intellectual property, and telecommunications, Bloomberg said.
The tender offer will begin by Sept. 8 and is subject to regulatory approval. BNA will be operated as a stand-alone subsidiary.
BNA, founded in 1929 and with its headquarters in Arlington, Va., has more than 350 news services with customers that include attorneys, accountants, lobbyists, and government administrators.
The company, which reported 2010 revenue of $331 million, has almost 1,500 employees.