Korn/Ferry International to buy PDI Ninth House

Korn/Ferry International, a Los Angeles based premier global provider of talent management solutions, has entered into a definitive agreement to acquire Minneapolis-based PDI Ninth House, a leading globally-recognized provider of leadership solutions. Korn/Ferry expects to close the acquisition by the end of the year, subject to the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act and other customary closing conditions. As per the terms of the merger agreement, Korn/Ferry will pay approximately $80 million in cash at closing for 100 percent of the equity of PDINH, which is currently on a $90 million to $100 million annual fee revenue run-rate. Going further, it will pay up to $15 million more based on financial results during the 18 months following the acquisition. The acquisition is expected to add to earnings in the first year of Korn/Ferry ownership.