RootsWeb.com Mailing Lists
Total: 1/1
    1. [CORNISH] Ancestry.com has been sold to a European private equity firm
    2. Julia Mosman
    3. Hi Everyone - Thought this might be of interest to some; below is part of the announcement on Ancestry.com: ..................... Ancestry.com to be Acquired by Permira Funds for $32.00 Per Share in Cash Transaction Valued at $1.6 Billion; PROVO, Utah, Oct. 22, 2012 (GLOBE NEWSWIRE) -- Ancestry.com (Nasdaq:ACOM), the global leader in online family history, and Permira, the European private equity firm with global reach, today announced that a company owned by the Permira funds and co-investors has entered into a definitive merger agreement to acquire Ancestry.com for $32.00 per share in cash in a transaction valued at $1.6 billion. Tim Sullivan, Ancestry.com's President and Chief Executive Officer, and Howard Hochhauser, Ancestry.com's Chief Financial Officer and Chief Operating Officer, will maintain a majority of their equity stakes in the company as part of the transaction. Spectrum Equity will also remain an investor in the company. The transaction represents a premium of 41% over Ancestry.com's closing stock price on June 5, 2012, the last trading day prior to press reports that Ancestry.com had retained a financial advisor in connection with a possible sale of the company. The disinterested members of Ancestry.com's Board of Directors have unanimously approved the transaction and recommend that Ancestry.com stockholders approve the merger. Affiliates of Spectrum Equity, which together own approximately 30% of the company's outstanding shares, have agreed to vote their shares in favor of the merger. .................. The article continues to say that Ancestry "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." They're not changing management (at least for now) nor are they moving from Provo, Utah. It also says they have 2 million subscribers. Whether the valuation of Ancestry is 1.6 billion, or that's the actual purchase price, I'm not sure. > For a list of companies currently owned by Premira, see http://www.permira.com/investments#. > For the full text of the announcement, see http://ir.ancestry.com/releasedetail.cfm?ReleaseID=714983. Evidently, the actual purchase won't happen until 2013, after Permira's stock holders &/or board approves the deal. Cheers, Julia

    10/24/2012 04:03:28