CARMEL, IN and WESTCHESTER, IL – ADESA, Inc. has announced the closing of the acquisition of ADESA by a group of private equity funds consisting of Kelso & Company, GS Capital Partners, part of the principal investment area of Goldman Sachs, ValueAct Capital, and Parthenon Capital. As previously announced, ADESA stockholders will receive $27.85 per share in cash.
As part of the transaction, Insurance Auto Auctions, Inc. (IAAI) was contributed to the surviving corporation. Prior to the transaction, IAAI was owned by Kelso & Company, Parthenon Capital and certain members of its senior management. The total transaction value, including the contribution of IAAI, the assumption or refinancing of approximately $700 million of debt and the payment of related fees and expenses, is approximately $3.7 billion.