Korn/Ferry International Enters Into Definitive Agreement To Acquire PDI Ninth House

Korn/Ferry International announced that it has entered into a definitive agreement to acquire Minneapolis-based PDI Ninth House, a globally-recognized provider of leadership solutions. Under the terms of the merger agreement, Korn/Ferry will pay approximately $80 million in cash at closing for 100% of the equity of PDINH, which is currently on a $90 million to $100 million annual fee revenue run-rate. Korn/Ferry will pay up to $15 million of additional cash consideration based on the realization of synergies achieved during the 18 months commencing on the closing date. The transaction will be financed with cash on hand. Wells Fargo Securities served as financial advisor to Korn/Ferry in connection with the transaction.