Financial news giant Bloomberg announced on Thursday that it plans to pay nearly $990 million to buy Arlington, Va.-based BNA, an information and research company aimed at government, legal, and tax professionals.
The deal, which is expected to close by the end of the year, would add legal, tax, and regulatory resources to Bloomberg’s Washington presence.
Earlier this year, Bloomberg reported it had 290 reporters in Washington after its $100 million launch of Bloomberg Government.
BNA (short for the Bureau of National Affairs) targets a relatively small audience, but its publications, which include Daily Labor Report, U.S. Law Week, and Daily Report for Executives, are not dissimilar from the data-heavy reporting Bloomberg produces.
“BNA research and analysis will make Bloomberg’s products even more valuable, and BNA would benefit from our data and technology expertise,” Bloomberg President Dan Doctoroff said in a statement.
According to a Bloomberg announcement, BNA will remain a stand-alone company after the acquisition, and despite a “gradual, modest consolidation,” Bloomberg says no layoffs are anticipated.
BNA CEO Paul Wojcik painted a rosy picture of the plan, calling it the “start of a new day” that will help expand BNA’s audience.
BNA is currently wholly owned by current and former employees. Bloomberg is offering to buy all outstanding shares of BNA for $39.50 per share.
As with other acquisitions, the deal must be approved by several federal agencies, including the Justice Department and the Federal Trade Commission.
Founded in 1929, BNA produces about 250 subscription-based information products. It employs 1,465 people, according to a company statement. New York-based Bloomberg, meanwhile, employs 13,600 people around the world, 2,300 of which focus on news or multimedia.