CDK Global Inc. has completed the sale of its international business to private equity firm Francisco Partners.
The deal, valued at $1.45 billion, closed Monday, the Hoffman Estates, Ill., dealership management system giant said. The transaction was announced in November.
“We are very pleased that the transaction closed on schedule and appreciate all the efforts made by both companies to successfully complete the sale,” CDK CEO Brian Krzanich said in a statement.
“I look forward to continuing our growth strategy and focus on our North America business,” he added.
Francisco Partners has offices in San Francisco, New York and London and specializes in working with technology companies. CDK has said the private equity firm is acquiring 100 percent of CDK’s international business, with operations in Europe, Asia, the Middle East and South Africa.
CDK has said it will use the proceeds to focus on its North American operations, which include DMS and other software for automotive dealerships and adjacent businesses in the U.S. and Canada, as well as to repay debt. The company last year said it expects to receive $1.3 billion in after-tax cash proceeds from the sale.
