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The transaction is subject to customary regulatory clearances and is expected to close in the second half of 2014. Both Quad/Graphics' board of directors and Brown's parent company Gruner + Jahr and its shareholders approved the transaction.
Quad/Graphics is purchasing Brown for $100 million and intends to use cash on hand or draw on its revolving credit facility to finance the acquisition. Brown expects to generate approximately $350 million in revenues during fiscal year 2014. Quad/Graphics expects that the acquisition will be accretive to earnings and that the purchase price multiple will be less than four times Adjusted EBITDA after taking into account anticipated synergies.
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