purchased for $1.6 billion - WKOW 27: Madison, WI Breaking News, Weather and Sports purchased for $1.6 billion


PROVO, UTAH (WKOW)-- The genealogy website has been purchased by a group led by the European private equity firm, Permira Funds, in a cash deal they value at $1.6 billion.

The offered price of $32 per share is nearly a 10 percent premium over Friday's closing price of $29.18. says it's a 41 percent premium over its closing price in early June or before reports surfaced that the company had retained a financial advisor for a possible sale. says it will remain headquartered in Provo, Utah, and it will continue to focus on investing in content, technology, and expanding product offerings in areas like DNA. CEO Tim Sullivan and Chief Financial Officer Howard Hochhauser will keep a majority of their equity stakes, and Spectrum Equity will remain an investor.

The company expects the deal to be finalized by early 2013.

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