Brookfield to acquire CDK Global, parent of Salty Dot
Brookfield Business Partners announced in April its plans to acquire CDK Global for $8.3 billion.
Founded in 1972, CDK is a public company that offers technology solutions to dealerships.
“This transaction is an exciting next step for CDK that provides our shareholders with both certainty of value and a meaningful premium. It also allows CDK to continue executing our long-term strategy to connect our industry at every level and create an open and collaborative future. In consultation with our outside advisors, CDK’s Board of Directors carefully evaluated a range of strategic and financial alternatives over several months and determined that this transaction is superior to all other available alternatives.
“Brookfield recognizes the unique value our products bring to more than 15,000 retail locations in North America and shares our vision of transforming the future of automotive retail. We are excited about the opportunity to further sharpen our focus on elevating the dealer and consumer experience when selling, buying or owning a vehicle. I am grateful for our team’s incredible work in providing an integrated experience —from sourcing to retail sale, and beyond.” – Brian Krzanich, president and chief executive officer, CDK Global.
When it comes to insurance, CDK acquired Salty Dot last year. Founded in 2019, the insurance startup from Salt Lake City focuses on embedded auto insurance and it recently secured a $22.5 million funding round.