Cases & Deals

Hewitt Associates acquires Exult

Clients Hewitt Associates, Inc.

Jones Day advised Hewitt Associates, Inc. , a global HR outsourcing and consulting firm, in its $613.5 million stock-for-stock acquisition of Exult, Inc., a human resources (HR) outsourcing company. Exult stockholders received 0.20 shares of Hewitt Class A common stock on a tax-free basis for each Exult share they owned, valuing the target's stock at $6.30 per share and representing a 5% premium over Exult's closing price the day before announcement. Hewitt also assumed $106.8 million of Exult's long-term convertible notes. General Atlantic Partners LLC, which owned 46% of Exult and was the company's largest stockholder, agreed to vote its shares in favor of the deal and owned slightly less than 10% of Hewitt at closing. The combination crated the undisputed leader in HR BPO outsourcing, serving over 18 million people from more than 300 client companies and able to offer clients the full range of HR outsourcing services.

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