Get 40% Off
🤯 This Tech Portfolio is up 29% YTD! Join Now to Get April’s Top PicksGet The Picks – Just 99 USD

Siris Capital unit to buy Web.com for $2 billion

Published 06/21/2018, 09:10 AM
Updated 06/21/2018, 09:10 AM
© Reuters.  Siris Capital unit to buy Web.com for $2 billion

© Reuters. Siris Capital unit to buy Web.com for $2 billion

(Reuters) - Web.com Group Inc, a provider of internet domain name registration services, said on Thursday an affiliate of private equity firm Siris Capital would buy the company for about $2 billion in cash.

Shares of the company, which also helps businesses build websites, rose 8 percent in premarket trading, matching the offer price of $25 per share.

The deal comes as the sector becomes increasingly crowded, with companies such as Wix.com Ltd, Weebly Inc and Squarespace seeking to gain market share from established players such as GoDaddy Inc.

Jacksonville, Florida-based Web.com will be open to other offers during a "go-shop" period until Aug. 5, the company said.

The deal is expected to close in the fourth quarter of 2018.

Morgan Stanley & Co LLC (NYSE:MS), RBC Capital Markets and Macquarie Capital are Siris's financial advisers, while Sidley Austin LLP is its corporate counsel and Kirkland & Ellis LLP its financing counsel.

BofA Merrill Lynch and JP Morgan are serving as financial advisers to Web.com and Cooley LLP is its legal counsel.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.