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Printed from to be sold for $1.6 billion

updated 07:47 pm EDT, Mon October 22, 2012

Permira Advisers to buy family-history web service and Permira Advisers have reached an agreement in which European Equity firm Permira will purchase for $1.6 billion. Permira will pay about $32 per share for, nearly a 10 percent premium over the site's $29.18 closing price from Friday. shares rose on the news, closing up 7.8 percent at $31.44 today. has been public since 2009. Last year, it earned $69.9 million, or $1.29 per share, on nearly $400 million of revenue.

In July, it was reported that the site was in talks with Providence Equity Partners, TPG Capital, and Permira about a possible deal. has said its operating structure will not change as a result of the deal. The company will remain based in Provo, Utah, and it will continue its current service offerings.

CEO Tom Sullivan and CFO Howard Hochhauser will keep the majority of their equity stakes, and Spectrum Equity will stay on as an investor with its 30 percent share of the company. The deal is expected to close early next year, and will announce third-quarter earnings on Wednesday.

by MacNN Staff



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