Two private-equity firms have closed on their purchase of Acxiom Corp.'s information-technology infrastructure management operations.
Acxiom, of Little Rock, announced in May that it planned to sell the struggling department to Charlesbank Capital Partners and M/C Partners. The two firms said Monday that the deal is complete.
Acxiom said in May that it would retain a 5 percent interest in the value of the infrastructure management business. Under the deal, Acxiom receives $140 million in cash at the close of the sale and up to $50 million in contingent payments subject to performance requirements that were not detailed.
The sale of the information-technology business comes as the company has seen revenue from the segment decline.
Charlesbank, which has offices in Boston and New York, said in the news release that it has experience investing in similar information-technology companies.
Manufacturing camp set for 250 students
About 250 students in seventh through ninth grades in Arkansas are taking part in the 2015 Young Manufacturing Academies program this week.
"The manufacturing industry is facing an unprecedented shortage of skilled workers that will intensify as the baby boom generation retires," Randy Zook, president of the Associated Industries of Arkansas Foundation and president and CEO of the Arkansas State Chamber of Commerce, said in a statement Monday. "If we are to maintain a competitive edge in the global economy, the pipeline of students prepared to enter manufacturing careers must be increased."
The program uses experiences that focus on STEM learning, which features the academic disciplines of science, technology engineering and math. The academies will be held at two-year community college campuses throughout the state.
Trucker gains 3.5%; Index falls to 350.72
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, dropped 3.14 to 350.72 Monday.
"The major averages fell as investors weighed economic data and corporate earnings amid the continuing commodity rout," said Bob Williams, senior vice president and managing director of Simmons First Investment Group Inc. in Little Rock.
ArcBest bucked the market trend, gaining over 3.5 percent in heavy trading as investor interest in the logistics industry is rising after UPS announced its offer for Coyote Logistics, Williams said.
Total volume of the index was 42.8 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 08/04/2015