Permira buys Ancestry.com for $1.6 bn
Monday, 22 October 2012
NEW YORK: European private equity group Permira will take over the popular Nasdaq-listed genealogy website Ancestry.com for $1.6 billion in cash, Permira announced Monday.
The European private equity firm offered $32 a share for the site, the company said, nearly 10 percent above Friday's close and 41 percent over the company's share price at the beginning of June when it became public that it was seeking a buyer.
Permira labeled the transaction a "merger" between Ancestry and a company owned by Permira.
Ancestry.com, based in Provo, Utah, has a database of 10 billion genealogical records and two million subscribers, making it one of the most popular websites for people interested in researching their family trees.
Joining Permira in the takeover are Spectrum Equity, which owns 30 percent of Ancestry, and Ancestry's chief executive Tim Sullivan and chief financial officer Howard Hochhauser.
"The company will continue executing on its growth strategy and initiatives led by content acquisition and technology investment, with the support of the Permira funds and the investor group. There are no anticipated changes in Ancestry.com's operating structure," said Permira and Ancestry management in a statement. (AFP)