Muzak LLC and DMX, Inc. today announced that they have been informed by the Antitrust Division of the U.S. Department of Justice (DOJ) that the DOJ’s investigation into the proposed merger of the companies, to allow for a sale to a third party, would be closed—and that the companies are cleared to proceed with the proposed transaction without an antitrust challenge. The companies expect to receive formal notification of the investigation’s closing in the near future.
Muzak’s Chief Executive Officer, Steve Villa, said, “We are pleased with the action taken by the Department of Justice, as we believe a merger of our two companies will create significant opportunities for innovations in products and services that will result in tremendous benefit for our clients.”
John Cullen, chief executive officer of DMX was quick to applaud the DOJ’s decision. “On behalf of the DMX management team, we are committed to blending two great companies and look forward to seeing how things unfold with offers from interested parties,” Cullen said. “More importantly, we are extremely excited about the possibilities that lie ahead for our clients and assisting them in creating memorable experiences for their customers.”
Muzak and DMX have taken steps that will allow them to move quickly through the sale and integration process, including completion of an analysis of the combined entity. The companies have also engaged an investment banking firm to assist with offering the combined entity to a third-party buyer. The companies will continue to operate independently until a purchase is finalized, and expect no disruption in service to clients.
Additional announcements will be made as the sale and integration process continues.