Nielsen Holdings (NLSN) announced that it has signed a definitive agreement under which affiliates of Advent International, in partnership with James Peck, former Chief Executive Officer of TransUnion (TRU), will acquire the Nielsen Global Connect business for $2.7 billion. Nielsen will also receive warrants in the new company exercisable in certain circumstances.

Upon completion of the transaction, Nielsen Global Connect will be a private company. The transaction was unanimously approved by Nielsen's board. David Rawlinson will remain CEO of Nielsen Global Connect through the close of the transaction and is expected to be part of the leadership team for the future going forward.

Nielsen plans to use net proceeds of the transaction primarily to reduce debt and for general corporate purposes. On a pro-forma basis for the transaction, Nielsen expects year-end 2020 net leverage to be approximately four times. The transaction is subject to approval by Nielsen shareholders, regulatory approvals, consultation with the works council, and other customary closing conditions; it is expected to close in Q2 of 2021.