Dye & Durham Taps Goldman, Canaccord for Possible Payments Unit Sale
- Legal software provider looks to cut leverage with asset sale
- Financial division includes assets bought from Telus
This article is for subscribers only.
Canadian legal software provider Dye & Durham Ltd. has hired Goldman Sachs Group Inc. and Canaccord Genuity Group Inc. to advise it on a potential sale of non-core assets, including its financial services division. The shares jumped.
The Toronto-based company had been on an acquisition spree for several years, but has faced growing investor concerns about its leverage and pledged during a September analyst call to get it under control. The stock suffered a bruising 19% loss that day after it reported a larger-than-expected quarterly loss, which it attributed largely to higher debt financing costs.