NEW YORK, March 31 /CNW/ -- JLL Partners, a leading private equity
investment fund ("JLL"), today announced the completion of its acquisition of
PharmaNet Development Group, Inc. (Nasdaq: PDGI), a leading provider of
clinical development services ("PharmaNet"). The acquisition was completed on
March 30, 2009 through the merger of JLL's acquisition subsidiary, PDGI
Acquisition Corp. ("Purchaser"), with and into PharmaNet. As a result of the
merger, the outstanding shares of PharmaNet common stock not held by JLL or
its affiliates were converted into the right to receive the $5.00 per share
cash merger consideration. The merger followed the successful completion of
the previously announced tender offer by Purchaser and JLL PharmaNet Holdings,
LLC ("Parent") for all of the outstanding shares of PharmaNet common stock at
a price of $5.00 per share net to the seller in cash, pursuant to which Parent
and Purchaser acquired approximately 94.8% of the outstanding PharmaNet
shares. Parent and Purchaser are affiliates of JLL Partners Fund VI, L.P., an
investment fund managed by JLL. The common stock of PharmaNet ceased trading
on the NASDAQ Global Select Market prior to the opening of the market on March
31, 2009. As a result of the merger and the tender offer, PharmaNet is now
wholly owned by JLL through Parent.About JLL PartnersParent is an affiliate of the Sponsor, a private equity investment fund
managed by JLL. Each of Parent and Purchaser were formed for the purpose of
entering into a business combination transaction with PharmaNet, and has not
carried on any business activities other than in connection with the tender
offer and merger.Founded in 1988, JLL is a leading private equity investment firm with
approximately $4.0 billion of capital under management that has invested in a
variety of industries, with special focus on healthcare and medical services,
financial services and building products. JLL makes equity investments in
middle market companies with the objective of extricating good companies from
complicated situations or building strong companies in partnership with
exceptional managers. Further information related to JLL can be found on its
website, www.jllpartners.com.
For further information: Brian Wade of JLL Partners, +1-212-210-9317, or
bwade@jllpartners.com Web Site: http://www.jllpartners.com
