Tuesday, August 26, 2008
United Online Completes FTD Buy
Woodland Hills-based United Online said Tuesday that the firm has completed its acquisition of FTD Group, Inc. The deal was worth approximately $441M, in a mix of cash and stock. United Online originally announced the acquisition of FTD in April. United Online said that it expects the deal to help it increase in scale, diversify its revenue streams, and expand its marketing opportunities. FTD operates the FTD and Interflora floral services, which connects consumers with florists. United Online has been looking to shift its business away from a shrinking, dial-up Internet business into new areas; when it announced the acquisition in April, the firm said that post-merger dial-up Internet would represent less than 25% of the firm's total revenue. The combined company's revenue for the twelve months ended June 30th was over $1.1B.