IHS buying Polk for around $1.4 billion

Article by Anita Panait, on June 11, 2013

IHS Inc. is acquiring auto industry data provider R.L. Polk & Co., for around $1.4 billion. In a statement, HIS said its acquisition of R.L. Polk will be financed by 10 percent of its equity, with the remainder sourced through cash on hand, cash from an existing line of credit and a new bank term loan. The companies did not announce a time frame for finalizing the acquisition deal, which was first disclosed on June 9, 2013.

The privately held R.L. Polk disclosed in March 2013 that it was exploring its options, including a possible sale. Aside from providing vehicle registration data, sales forecasts and tracking of owner loyalty, R.L. Polk also owns used-car history provider Carfax. Chief executive Stephen Polk told Automotive News in an interview that he is committed to making the transition a success for IHS and R.L. Polk's employees. Polk remarked that he is not sure of his subsequent role once the sale is approved, a process that takes around 4 to 6 weeks.

R.L. Polk has been family-owned for over 140 years and Polk is the last family member still involved with the company. Polk remarked that for many years, he had received calls from people interested in acquiring the company.

He also remarked that this was the time to determine how serious people really were, adding that they saw it with IHS. It remains to be seen whether IHS will continue to use the Polk name after the acquisition agreement is finalized. Dan Wilinsky, senior director of global media relations for HIS, told Automotive News that they always evaluate brand names as part of the integration planning process. He added they will “work this out as part of post-close planning with the Polk team." [source: USAToday]

If you liked the article, share on:

Pin It

Comments

Recommended

Reddit user Jdubbswrx spotted a rather deceptive move coming from the German automotive manufacturer Audi. He posted an image of the supposed exhaust of the new 2018 Audi SQ5 sporting...
by - March 29, 2017
McLaren car owners will be thanking the automotive company as it has decided to roll out new goodies for the 540C, 570S and 570GT sports car line-up. From this series...
by - March 29, 2017
On July 11, Audi is set to reveal its flagship luxury sedan, the all new A8. And at this moment, none of us are sure how this model will look....
by - March 29, 2017
The recent Porsche 911 is definitely considered one of the most elite sports car to grace the roads worldwide. The task of producing its successor is challenging enough for the...
by - March 29, 2017
British startup Zenos, which entered bankruptcy administration earlier this year is now back in business. The Norfolk-based sports car manufacturer was bought by a consortium of investors headed by AC...
by - March 29, 2017
Facebook

Youtube Channel

Tip Us
Do you have a tip for us?
Did you film an important event?
Contact us
Newsletter
Subscribe to our newsletter!
Subscribe
Galleries