Donaldson, Lufkin and Jenrette, Inc. and IBP, Inc. jointly announced yesterday that an agreement has been reached to sell IBP for $3.8 billion. DLJ is one of the nation's leading investment and merchant banks.
DLJ Merchant Banking Partners III, a private equity fund affiliated with Donaldson, Lufkin and Jenrette, reached an agreement to acquire the stock of IBP for $2.4 billion in cash plus the refinancing and assumption of approximatley $1.4 billion in debt. Once the purchase is completed in early 2001, DLJ Merchant Banking Partners III will become the majority owner of IBP, company officials state.
IBP officials have said that IBP management will remain in place following the merger and that no changes in operations or staffing are to be expected.