We are advising Brookfield on the transaction

Davis Polk is advising Brookfield Business Partners L.P., together with institutional partners, on its $8.3 billion acquisition of CDK Global, Inc. Under the terms of the merger agreement, Brookfield will commence a tender offer to acquire all of the outstanding shares of CDK. The closing of the tender offer will be subject to certain conditions, including the tender of shares representing at least a majority of the total number of CDK’s outstanding shares, the expiration or termination of the antitrust waiting period and other customary conditions. This transaction is expected to close in the third quarter of 2022.

Brookfield Business Partners is a global business services and industrials company focused on owning and operating high-quality businesses that provide essential products and services and benefit from a strong competitive position. CDK Global is a leading provider of retail technology and software as a service (SaaS) solutions that help dealers and auto manufacturers run their businesses more efficiently, drive improved profitability and create frictionless purchasing and ownership experiences for consumers.

The Davis Polk corporate team includes partners Leonard Kreynin and Cheryl Chan, counsel Albert Zhu and associate Alistair Pimlott. Partner Hilary Dengel, counsel Jonathan B. Brown and associate Zoe Chen are providing finance advice. Partner Pritesh P. Shah and associate Alison T. Chin are providing intellectual property advice. Partner David H. Schnabel is providing tax advice. Partner Jennifer S. Conway and associate Joseph S. Brown are providing executive compensation advice. All members of the Davis Polk team are based in the New York office.