Snap-on Incorporated a leading global innovator, manufacturer and marketer of tools, diagnostics and equipment solutions for professional users, today announced that it has entered into a definitive agreement to acquire ProQuest Business Solutions from ProQuest Company for approximately $480 million in cash plus the assumption of $19 million of debt.
ProQuest Business Solutions is a world leader in automotive parts and service information. Its products are aimed at helping original equipment manufacturers (OEMs) and their dealers enhance their service operations. ProQuest Business Solutions’ products include integrated software, services and systems that transform complex technical data for parts catalogs into easily accessed electronic information (electronic parts catalogs (EPCs)). Other products and services include warranty management systems and analytics to help dealerships manage and track performance. Over 33,000 automotive dealerships around the world use ProQuest Business Solutions’ EPCs, which are available in 26 different languages and support 15 automotive manufacturers and 31 brands. ProQuest Business Solutions’ products are also sold to over 85,000 dealers in the power equipment and power sports markets. Unaudited revenues for the 12 months ended June 2006 were $185 million.
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