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Weekly News Digest

October 30, 2006 — In addition to this week's NewsBreaks article and the monthly NewsLink Spotlight, Information Today, Inc. (ITI) offers Weekly News Digests that feature recent product news and company announcements. Watch for additional coverage to appear in the next print issue of Information Today. For other up-to-the-minute news, check out ITIís Twitter account: @ITINewsBreaks.

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ProQuest to Sell Automotive Unit

ProQuest Co. (http://www.proquestcompany.com) reported that it has signed a definitive agreement to sell its ProQuest Business Solutions segment (http://www.pbs.proquest.com) to Snap-on, Inc. (http://www.snapon.com) for approximately $500 million. (Total consideration comprises $481 million in cash and the assumption by Snap-on of $19 million of debt in the form of monetized future billings.) The transaction is subject to customary closing conditions and regulatory approvals. ProQuest Co. will use most of the proceeds from the sale to pay down outstanding debt.

ProQuest Co. had announced its intention to sell the unit in April. ProQuest also has entered into a new agreement with its lenders, under which they have agreed to extend the timeframe for refinancing the company's remaining debt. The company continues to work with its auditors to complete its accounting review and restate its financials, following the disclosure of irregularities last February. (For more information, see the NewsBreak at http://newsbreaks.infotoday.com/nbreader.asp?ArticleID=17326.)

Business Solutions is the ProQuest segment primarily engaged in the electronic delivery of comprehensive parts and service information to the automotive market. Snap-on, Inc. was the buyer selected in a competitive bid process, which reportedly included many potential buyers. Following the sale, ProQuest Co. will comprise ProQuest Information and Learning (led by David "Skip" Prichard and focused on the higher education market) and ProQuest Education (led by Ron Klausner and focused on K-12).

Source: ProQuest Co.



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