Cinven has agreed to sell website domain vendor Host Europe Group to GoDaddy (NYSE: GDDY) for €1.69 billion, a figure representing €605 million in cash and net debt of €1.08 billion. GoDaddy beat out bids from United Internet and Deutsche Telekom, according to Reuters, and will expand its European footprint with the addition of HEG's 1.7 million customers to its internet services business.
Cinven has backed HEG since buying it for a reported £438 million in 2013. During the second half of the year, the London-based PE firm has been busy selling off some of its big-money holdings. In October, Cinven exited an initial €2.57 billion investment in Avio Space Propulsion (IT: SPA2) with a sale to Leonardo-Finmeccanica (IT: LDO) and management. In August, portfolio company Medpace (NASDAQ: MEDP)—which Cinven acquired for $930 million in 2014—raised $161 million in an IPO. Cinven has also been gathering more capital for deals: The firm closed its sixth flagship buyout fund on a €7 billion hard cap in June.