Thu. Mar 28th, 2024
ARCHIVED CONTENT
You are viewing ARCHIVED CONTENT released online between 1 April 2010 and 24 August 2018 or content that has been selectively archived and is no longer active. Content in this archive is NOT UPDATED, and links may not function.
 


Press Announcement

CHICAGO – Navigant (NYSE: NCI) and Ankura Consulting Group, LLC (Ankura) today [June 25, 2018] announced a definitive agreement under which Navigant will sell its Disputes, Forensics and Legal Technology (DFLT) segment and its Transaction Advisory Services (TAS) practice to Ankura, a leading business advisory and expert services firm.

The transaction is valued at $470 million, and is expected to close during the third quarter, subject to customary regulatory approvals and closing conditions. Ankura is a portfolio company of Madison Dearborn Partners (MDP), a leading private equity firm based in Chicago.

Navigant expects to realize approximately $370 million in net cash proceeds from the transaction, after taxes and transaction and separation-related costs. The company intends to use the proceeds to fund the return of up to $175 million in capital to shareholders over the next 12 months, most of which will be accomplished via the company’s previously announced share repurchase program, and to invest in strategic M&A and organic growth opportunities. Temporarily, the company intends to repay its credit facility, until additional capital needs arise. The company also intends to initiate an ongoing dividend on terms to be decided at or post transaction close.

“The sale of the DFLT and TAS businesses advances Navigant’s transformation. By separating those businesses from Navigant’s management consulting and managed services businesses, we believe each organization will be advantageously positioned for growth and success in their respective markets,” said Julie M. Howard, chairman and CEO of Navigant.

“With a sharpened focus on our energy, financial services, and healthcare sectors, along with the capital to invest in scalable digital, data and analytics solutions, Navigant is poised to serve our clients even more effectively as they navigate the transformational changes driving their industries. We are confident that concentrating our business in higher-growth markets, augmented by scalable solutions and enhanced revenue visibility, will enable us to deliver consistent growth and drive greater long-term value for our shareholders,” said Howard.

Founded in 2014, Ankura differentiates itself by providing an integrated approach utilizing customized solutions and professional capabilities across disciplines to address the diverse and complex challenges and opportunities present in each client situation. Ankura offers deep expertise and experience in multiple disciplines, including forensics, risk, compliance, data and technology, litigation and disputes, turnaround and restructuring, and strategy and operations. The firm’s unique model focuses on enabling its professionals to apply their expertise to help clients across issues, industries and disciplines.

The addition of Navigant’s DFLT and TAS businesses strategically complements Ankura’s existing capabilities and geographic reach, creating a unique global business advisory firm with over 1,400 employees in 34 offices worldwide and over $500 million in revenues.

“Bringing Navigant’s global DFLT and TAS businesses to Ankura represents a milestone opportunity to establish a global footprint, enhance our client offerings, deepen our relationships with our clients, and provide new and exciting opportunities for our people,” said Roger Carlile, CEO of Ankura. “Ankura was founded to create a different kind of business advisory firm based on collaboration and innovation, and our success and growth is a testament to our approach. Navigant’s DFLT and TAS professionals are leading experts in their fields who share these same beliefs, and we are excited to welcome our new colleagues to our growing platform.”

“Our collaborative culture, our commitment to our clients, and our investment in our people are the foundation upon which we are building Ankura. In our interactions, the DFLT and TAS professionals have demonstrated the same values, collaborative spirit, and authenticity that are the fabric of who we are and how we interact as colleagues and as service providers,” said Philip Daddona, co-president of Ankura. “Working together will create positive energy in the marketplace and for the growth of our people.”

Upon the close of the transaction, Navigant will be a highly concentrated management consulting and managed services firm, focused on rapidly transforming industries including healthcare, energy, and financial services.

“This transaction is a key component of our strategy to continue to scale a business that possesses greater commonality in client needs and is positioned to benefit from shared, focused investments,” said Lee Spirer, Navigant chief growth and transformation officer. “We intend to accelerate our investments in platform capabilities such as digital, data, and analytics, that when combined with our domain expertise in each of our industries, will create solutions that will drive sustainable value for our clients in innovative ways demanded by today’s rapidly changing global marketplace.”

Navigant’s sale of the DFLT and TAS businesses follows a thorough and competitive sale process which included multiple interested parties. Jefferies LLC acted as exclusive financial advisor to Navigant. Sidley Austin LLP served as legal counsel to Navigant. Deutsche Bank Securities Inc. and SunTrust Robinson Humphrey Inc. served as M&A advisors to Ankura. Kirkland & Ellis LLP served as M&A legal counsel to Ankura, and Davis Polk & Wardwell LLP served as financing counsel to Ankura.

About Navigant

Navigant Consulting, Inc. (NYSE: NCI) is a specialized, global professional services firm that helps clients take control of their future. Navigant’s professionals apply deep industry knowledge, substantive technical expertise, and an enterprising approach to help clients build, manage and/or protect their business interests. With a focus on markets and clients facing transformational change and significant regulatory or legal pressures, the Firm primarily serves clients in the healthcare, energy and financial services industries. Across a range of advisory, consulting, outsourcing, and technology/analytics services, Navigant’s practitioners bring sharp insight that pinpoints opportunities and delivers powerful results. More information about Navigant can be found at navigant.com

About Ankura

Ankura is a business advisory and expert services firm defined by HOW we solve challenges. Whether a client is facing an immediate business challenge, trying to increase the value of their company or protect against future risks, Ankura designs, develops, and executes tailored solutions by assembling the right combination of expertise. We build on this experience with every case, client, and situation, collaborating to create innovative, customized solutions, and strategies designed for today’s ever-changing business environment. This gives our clients unparalleled insight and experience across a wide range of economic, governance, and regulatory challenges. At Ankura, we know that collaboration drives results. For more information, please visit: www.ankura.com.

Additional Reading:

 

Generative Artificial Intelligence and Large Language Model Use

ComplexDiscovery OÜ recognizes the value of GAI and LLM tools in streamlining content creation processes and enhancing the overall quality of its research, writing, and editing efforts. To this end, ComplexDiscovery OÜ regularly employs GAI tools, including ChatGPT, Claude, Midjourney, and DALL-E, to assist, augment, and accelerate the development and publication of both new and revised content in posts and pages published (initiated in late 2022).

ComplexDiscovery also provides a ChatGPT-powered AI article assistant for its users. This feature leverages LLM capabilities to generate relevant and valuable insights related to specific page and post content published on ComplexDiscovery.com. By offering this AI-driven service, ComplexDiscovery OÜ aims to create a more interactive and engaging experience for its users, while highlighting the importance of responsible and ethical use of GAI and LLM technologies.

 

Have a Request?

If you have information or offering requests that you would like to ask us about, please let us know, and we will make our response to you a priority.

ComplexDiscovery OÜ is a highly recognized digital publication focused on providing detailed insights into the fields of cybersecurity, information governance, and eDiscovery. Based in Estonia, a hub for digital innovation, ComplexDiscovery OÜ upholds rigorous standards in journalistic integrity, delivering nuanced analyses of global trends, technology advancements, and the eDiscovery sector. The publication expertly connects intricate legal technology issues with the broader narrative of international business and current events, offering its readership invaluable insights for informed decision-making.

For the latest in law, technology, and business, visit ComplexDiscovery.com.