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Wednesday, April 30, 2008
United Online Buys FTD
Woodland Hills-based United Online said this morning that it has agreed to acquire FTD Group, Inc, in a deal worth approximately $800M. FTD is a provider of floral and related products. According to the firms, United Online will pay $7.34 in cash plus 0.4087 shares of Untied Online common stock, plus $3.31 in secured notes, for each share of FTD common stock. According to the companies, the deal will create a firm with combined revenues of $1,145M. The firms said that the acquisition of FTD will provide United Online with significant increase in scale, diversification from United Online's revenue streams, and ability to expand market opportunities. The shift comes as United Online looks to shift from its major businesses--its dial-up NetZero and Juno Internet access services. According to the firm, after the acquisition, the dial-up business will represent less than 25% of the firm's total revenue. FTD is best known for its flower delivery services, which dispatches flower delivery orders to local florists. It also operates the Interflora brand. United Online was advised by J.P. Morgan Securities Inc. and Skadden, Arps, Slate, Meagher & Flom LLP in the deal; FTD was advised by Goldman, Sachs & Co., and Latham & Watkins LLP.
posted on Wednesday, April 30, 2008
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