Interactive Data, in a press release Tuesday, said Pearson (PSO), which owns a 61% stake in the financial-market data provider, approved the transaction.
Pearson, publisher of the Financial Times , said earlier this year it was reviewing strategic alternatives for Interactive Data.
Under the agreement, Interactive Data's stockholders will receive $33.86 in cash for each share of Interactive Data common stock they own. This represents a premium of about 32.9% over the closing share price on Jan. 14, the last trading day before the company announced it was conducting a review of strategic alternatives, Interactive Data said.Interactive Data shares closed Monday at $32.99. The transaction is expected to be completed by the end of the third quarter. -- Reported by Joseph Woelfel in New York. Follow TheStreet.com on Twitter and become a fan on Facebook.