Siris Capital Agrees to $840M Take-Private of Digital River
October 27, 2014
An investor group led by Siris Capital has entered into an agreement to acquire ecommerce company Digital River (NASDAQ: DRIV) in a transaction valued at approximately $840 million. As per the agreement, Siris will acquire all outstanding common shares of the commerce-as-a-service solutions provider for $26 each, a premium of about 50% over the closing price on Thursday. The deal, which still requires shareholder approval, is expected to close in 1Q 2015, though Digital River can solicit other acquisition offers over the next 45 days. Macquarie Capital and Sankaty Advisors have committed to provide debt financing to support the agreed-upon deal. Digital River had received backing from Institutional Venture Partners.