Press Release

Kirkland Advises Blackstone in Merger of Kronos Incorporated and Ultimate Software

Kirkland & Ellis advised Blackstone in connection with the definitive merger agreement announced today of Kronos Incorporated and Ultimate Software, to form one of the world’s largest cloud companies with an enterprise value of $22 billion. As part of the transaction, private equity funds managed by Blackstone will be the largest minority investor in the new company. The all-stock merger has been unanimously approved by the boards of directors of both companies and is expected to close at the end of March. Upon closing, the combined company will have revenues of approximately $3 billion and more than 12,000 employees worldwide, with further plans for growth including the addition of 3,000 employees over the next three years.

Read the company press release from Kronos and Ultimate Software

The Kirkland team included corporate partners Leo Greenberg, Laura Sullivan, Andy Fleischman and associates Seth Genende and Nate Sherman; antitrust and competition partners Ian John and Carla Hine and associate Evan Turnage; and tax partners Dean Shulman and Adam Kool.