Kronos $1.8 billion buyout clears waiting period hurdle

By Lisa Kerner

Charlotte, N.C. April 20 - Early termination of the Hart-Scott-Rodino waiting period was granted in the proposed $1.8 billion buyout of Kronos Inc. by Hellman & Friedman Capital Partners VI, LP and JMI Equity.

Kronos shareholders will receive $55.00 in cash per share of common stock.

The transaction requires shareholder approval and is expected to close in the third calendar quarter of 2007, a company news release stated.

Kronos previously announced a debt financing commitment to help back its buyout by Hellman & Friedman and JMI Equity, with Wachovia Bank the lead bank on the deal.

Other leveraged buyout financing will come from equity financing of $752.9 million, cash, cash equivalents and short-term investments of Kronos.

Kronos is a Chelmsford, Mass., provider of human capital management services.

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