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The Associated Press August 25, 2011, 1:38PM ET

Bloomberg to pay $990M for legal research company

Financial data and news company Bloomberg LP said Thursday that it will pay $990 million for BNA, a publisher of legal, tax and regulatory information.

Bloomberg said it will acquire all outstanding shares of The Bureau of National Affairs Inc., which is owned by its current and former employees. Bloomberg is paying $39.50 per share in cash. The deal is expected to be completed this year.

Bloomberg said the purchase will enhance its coverage of tax, labor, health care and intellectual property issues. Bloomberg said BNA will work with its other subsidiaries in Washington to provide coverage of U.S. regulatory issues.

Bloomberg's other units in Washington include Bloomberg News, Bloomberg Government and Bloomberg Law. BNA's publications include Daily Labor Report, U.S. Law Week and Daily Report for Executives.

Bloomberg said it doesn't anticipate any layoffs as a result of the deal in the short term, but a "gradual, modest consolidation" is anticipated over the long run. Customers will be updated of any product changes once the transaction is complete, the company said.

Bloomberg is a private company founded by New York Mayor Michael Bloomberg.

BNA, based in Arlington, Virginia, was founded in 1929 and provides information primarily to law and accounting firms.

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