CDK International Inc. mentioned it agreed to be acquired by funding agency Brookfield Enterprise Companions in a deal valued at $8.3 billion that will take the publicly traded dealership software program large non-public.

The dealership administration system supplier primarily based in Hoffman Estates, In poor health., mentioned Thursday that Brookfield will buy all of CDK’s excellent shares, with CDK shareholders receiving $54.87 per share in money when the transaction closes, anticipated within the third quarter.

The value would mirror a 30 p.c premium to CDK’s closing share value on Feb. 18, which the corporate mentioned was the final full day of buying and selling earlier than market hypothesis started a couple of attainable sale. CDK shares rose 0.7 p.c to $48.99 on Wednesday and had been up one other 11 p.c in premarket buying and selling Thursday.

Upon closing, CDK’s inventory not can be publicly traded.

“This transaction is an thrilling subsequent step for CDK that gives our shareholders with each certainty of worth and a significant premium. It additionally permits CDK to proceed executing our long-term technique to attach our trade at each stage and create an open and collaborative future,” CDK CEO Brian Krzanich mentioned in a press release. “In session with our exterior advisors, CDK’s board of administrators rigorously evaluated a spread of strategic and monetary alternate options over a number of months and decided that this transaction is superior to all different obtainable alternate options.”

Brookfield Enterprise Companions is a unit of world different asset administration agency Brookfield Asset Administration’s non-public fairness group.

“Brookfield acknowledges the distinctive worth our merchandise convey to greater than 15,000 retail areas in North America and shares our imaginative and prescient of reworking the way forward for automotive retail,” Krzanich mentioned. “We’re excited in regards to the alternative to additional sharpen our give attention to elevating the supplier and client expertise when promoting, shopping for or proudly owning a automobile.”

CDK has expanded past its core DMS enterprise, which had 9,181 automotive buyer websites as of Dec. 31, into different dealership software program merchandise. In June, CDK acquired digital retailing supplier Roadster for $360 million. Additionally final yr, CDK acquired Salty Dot Inc., an insurance coverage expertise firm that permits customers to purchase auto insurance coverage on the similar time they purchase a automobile.

CDK mentioned Morgan Stanley & Co. is its monetary adviser and Paul, Weiss, Rifkind, Wharton & Garrison is its authorized adviser. Davis Polk & Wardwell is authorized adviser to Brookfield Enterprise Companions.