CDK Global has signed a deal to be acquired by Brookfield Business Partners and institutional partners for a total enterprise value of $8.3 billion, with CDK shareholders receiving $54.87 per share once the transaction closes.

That share price is 30% higher than the unaffected closing price on Feb. 18, which was the last full day of trading before “market speculation regarding a potential sale of the company,” CDK said.

The tender offer’s closing is contingent upon certain conditions. One is that the tender of shares represents at least half of CDKs total outstanding shares.

Once the tender offer loses CDK’s common stock won’t be listed on the Nasdaq Global Select Market,  and Brookfield will obtain all the remaining shares not tendered in the tender offer through a second-step merger. The price on that will be the same.

The closing of the deal is projected to be in the third quarter.

“This transaction is an exciting next step for CDK that provides our shareholders with both certainty of value and a meaningful premium. It also allows CDK to continue executing our long-term strategy to connect our industry at every level and create an open and collaborative future,” CDK president and chief executive officer Brian Krzanich said in a news release.

“In consultation with our outside advisors, CDK’s Board of Directors carefully evaluated a range of strategic and financial alternatives over several months and determined that this transaction is superior to all other available alternatives,” Krzanich said.

“Brookfield recognizes the unique value our products bring to more than 15,000 retail locations in North America and shares our vision of transforming the future of automotive retail,” he said. “We are excited about the opportunity to further sharpen our focus on elevating the dealer and consumer experience when selling, buying or owning a vehicle. I am grateful for our team’s incredible work in providing an integrated experience — from sourcing to retail sale, and beyond.”