December 10, 2015
Huron Consulting Group Inc. (NASDAQ: HURN), a leading provider of business consulting services, today announced a definitive agreement to divest its Huron Legal practice to Consilio, Inc. , a global leader in eDiscovery and document review services, for minimum gross proceeds of $112 million in cash upon closing, plus a cash post-closing payment contingent upon final full year 2015 financial results and subject to certain other adjustments set forth in the agreement. The sale is expected to close in the fourth quarter of 2015 following the satisfaction of regulatory requirements and other customary closing conditions.
On December 10, 2015, Huron Consulting Group Inc. (the “Company”) and its wholly owned subsidiaries, Huron Consulting Services LLC and Huron Consulting Group Holdings LLC, (collectively, the “Sellers”), entered into a Purchase Agreement (the “Agreement”) with Consilio, Inc., a Delaware corporation (the “Buyer”), pursuant to which the Company will sell its Huron Legal practice to Buyer for minimum gross proceeds of $112 million in cash at closing, before taxes and transaction-related expenses, plus a cash post-closing payment ranging from zero to $22 million contingent upon final full year 2015 financial results, and subject to certain other adjustments set forth in the Agreement.
Huron Legal provides eDiscovery services, consulting services and contract management services related to law department management, information governance and compliance, legal discovery, litigation management, and legal analytics to legal departments, law firms and companies in connection with their e-discovery, law department operations and contract and litigation management needs.
Under the terms of the Agreement, Buyer will acquire substantially all of the assets and assume certain liabilities of the Huron Legal practice, and acquire all issued and outstanding equity interests in certain entities wholly owned by the Company.