UPFRONT

Jostens Acquired by CSFB

MINNEAPOLIS—The Credit Suisse First Boston (CSFB) private equity division has agreed to pay about $48 a share for Jostens' common stock—worth close to $500 million—and to assume the group's debts of more than $600 million. Jostens was seen as an attractive buy because it generated high free cash flows and required little capital expenditure and working capital. Jostens, established 105 years ago, is reportedly the market leader in the U.S. yearbook market, printing half of the high school yearbooks and is a leading supplier of graduation products.