DoubleClick CEO Kevin Ryan To Step Down After Sale
Apr 25, 2005, 7:15 AM
DoubleClick Monday said it signed a definitive agreement to be acquired by San Francisco-based private equity firm Hellman & Friedman LLC in a transaction valued at $1.1 billion. Kevin Ryan will step down as CEO of DoubleClick following the deal's closing, which is scheduled to be completed in the third quarter. David Rosenblatt will continue to oversee the TechSolutions division as its CEO, and Brian Rainey will continue to lead the DataSolutions division as its CEO. A new board of directors and chairman will be appointed post closing. The deal would pay DoubleClick stockholders $8.50 for each share of common stock, representing a 10.6 percent premium over the average closing price for the last 30 days of trading. JMI Equity, a San Diego-based venture capital firm, said it would be investing alongside Hellman & Friedman.