Dun & Bradstreet Corp has revealed the capital structures of the three companies it will become in October when it chops itself into three (CI No 2,943). Of the trio, Cognizant Corp will stake out the high-growth information business; the new Dun & Bradstreet will concentrate on financial information services; and AC Nielsen will deliver market research to consumer product companies and service industries. The new D&B will assume most of the company’s debt, estimated to be $1.0bn to $1.1bn in October, and will have negative equity which the company expects to turn positive over the next several years. Cognizant will retain 27% of D&B Software and Bain Capital Inc is issuing $160m in cash and $50m in preferred stock to take a majority stake in D&B. The firm is projecting Cognizant will have revenues of $1.5bn, $400m to $450m in cash, up to $10m in debt and $775m to $825m in shareholders’ equity. Cognizant will have 10,000 employees in 100 countries. The new D&B is expected to have revenues of $2bn, $90m to $100m in cash, $1,000m to $1,075m in debt, negative $200m to $220m in shareholders’ equity and 16,000 staff in 40 countries. ACNielsen is expected to have $1.3bn in revenue, $70m to $75m in cash, up to $5m in debt, $400 to $430m in shareholders’ equity and an undisclosed number of employees in 80 countries.
