Permira buys out genealogy website, Ancestry.com for $1.6 billion
Provo, Utah genealogy website, Ancestry.com has entered into an agreement to be acquired by a European private equity firm for $32 per share valued at $1.6 billion, according to the Wall Street Journal Monday.
Ancestry.com HQ/Coolcaesar at en.wikipedia
The investor group led by European private-equity firm Permira bought the global leader in online family history for $32 a share.
The WSJ reports the $1.6 billion value of the deal accounts for vesting of outstanding options, the people said. The $32-a-share price represents a premium of about 40% from where the stock was trading in June before reports the company was on the block.
Ancestry.com Chief Executive Tim Sullivan said, “This is a successful outcome for our public stockholders and a great day for Ancestry.com employees and subscribers around the world,” Sullivan said in a statement. “We’re excited that Permira shares our commitment to keep investing in our technology and product experience to make family history easy and accessible for more and more families around the world. Their strong investment track record in the technology and Internet sectors makes them a terrific adviser and partner as we take the company forward.”
Ancestry.com has more than two million subscribers who pay $12.95 to $34.95 a month to access its content and use its online search tools, according to the company. Subscribers are predominantly in the U.S., with other core markets in the U.K., Canada and Australia.
The genealogy website is the global leader in online family history. It has 1,100 employees, 800 of whom work in its Provo offices.
Founded in 1985, Permira Funds advises funds with a total committed capital of approximately $26 billion.
