A company owned by the Permira funds and co-investors has reached a definitive merger agreement to acquire Ancestry.com (ACOM) for $32.00 per share cash or $1.6 billion. Ancestry.com's President and Chief Executive, Tim Sullivan, and Chief Financial Officer and Chief Operating Officer, Howard Hochhauser, would maintain a majority of their equity stakes in the company as part of the transaction. Spectrum Equity would 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. Affiliates of Spectrum Equity, which together own about 30% of the company's outstanding shares, would vote their shares in favor of the merger.
Subject to the approval of holders of a majority of the outstanding shares of Ancestry.com and other customary closing conditions, the acquisition may close in early 2013.
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