10.27.2007 08:07 AM
Originally featured on BroadcastEngineering.com
Guitar Center sold to private investment firm
Guitar Center will no longer be publicly traded on the NASDAQ exchange following the firm’s acquisition by Bain Capital, a Boston-based private investment firm. California-based Guitar Center agreed to the sale in June. Stockholders approved the merger on Sept. 18 and consummated Oct. 10.
Under terms of the agreement, Guitar Center shareholders will be paid $63 in cash for each share of common stock held, putting the value of the purchase at approximately $2.1 billion. Guitar Center is one of the largest U.S. retailers of musical instruments, pro audio and recording equipment, with 157 stores in 83 markets, plus online and mail order sales. Bain Capital has approximately $50 billion in assets under management.
For more information, visit www.guitarcenter.com.