NEW YORK (S&P Global Ratings) Dec. 9, 2020--S&P Global Ratings said today that its rating and outlook on CDK Global Inc. (BB+/Negative/--), a U.S. auto dealer information technology solutions provider, are unchanged by the company's announcement of a definitive agreement to sell its international business unit to Francisco Partners. The company expects the transaction to close in the first quarter of calendar year 2021. It expects to use net proceeds of about $1.3 billion for general corporate purposes, including for debt paydown, share repurchases, and business investments. Although we expect adjusted leverage will fall to within our rating threshold for the 'BB+' rating, the negative outlook reflects our expectation that we could lower our rating if we conclude the company
