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ADS - Alliance Data Systems: Epsilon Sold On The Cheap
Alliance Data Systems Corporation
Alliance Data Systems (ADS) has reached a deal to sell its Epsilon business to French-based Publicis Groupe ([[PUBGY]]) in a $4.4 billion deal. Despite the multi-billion deal tag, the transaction is not welcomed by investors in part because taxes and deal related costs are very high, and a spin-off might have been a more logical way to go. That route, however, did not provide massive deleveraging options, which are needed amidst a complicated balance sheet and what appears to be lack of trust by investors.