Broadridge and First Data

Of note, one of BR's major competitors in Investor Communications is First Data (FDC) which is being taken over in a going private transaction by KKR.

Presumably, this buyout will leave FDC's capital structure significantly burdened with debt.

Clearly, the risks that I cited with respect to BR's business model such as business concentration and potential loss of business due to SEC mandated changes re proxies are risks that KKR has assessed in its decision to buy the First Data business.