In case you missed what could likely be one of the most significant acquisitions this year for retail automotive, CDK Global has agreed to be acquired by Brookfield Business Partners for a total enterprise value of $8.3 billion. Today on Inside Automotive, we’re joined by the Executive Vice President and Chief Operating Officer of CDK Global, Joe Tautges, to hear his take on the deal.
Over the last couple of years, CDK Global leaned heavily into customer-first technology and helping OEMs (Original Equipment Manufacturers) and car dealers transform. Tautges says that CDK Global reflected on the progress made in the last several years and decided that the deal proposed by Brookfield Business Partners was a win for all parties involved. From a shareholder’s perspective, they will receive a 30% premium on their investment regarding valuation.
Tautges goes on to explain that Brookfield Business Partners is a quality company with a great foundation. It’s an excellent opportunity for Brookfield to bring their expertise to CDK Global and accelerate things even further. Tautges adds that CDK Global is still committed to digital retailing technology and helping car dealers transform their modern retailing strategies.
Tautges shares some final words for CDK customers:
“We’re very grateful for the confidence you place in us each day, and we’re thrilled to be the leading partner with you as you go on this journey. And I think, let’s spend time together and really pave a successful way forward because we see a bright future ahead.”
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