EverQuote, Inc. (EVER), an online insurance marketplace, Monday said it has agreed to buy back its 900,000 class A shares for $21 million from Link Ventures, an entity affiliated with funds advised by David Blundin, EverQuote's Chairman and Co-Founder, and other affiliated entities of Blundin.
The repurchase price of $23.33 represents a discount of 1.75% on Friday's closing EverQuote share price.
Following the deal, Link Ventures and affiliated entities of Blundin will remain EverQuotes largest shareholder with 18.8% stake.
"We believe todays discounted repurchase is an accretive use of capital that enables us to efficiently execute a portion of our recently announced $50 million share buyback program in a manner that does not adversely impact liquidity in EverQuotes public float," said Joseph Sanborn, CFO of EverQuote.
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