Primedia, which helps people find apartments, houses for rent or new homes for sale through websites, mobile and print publications, this morning said it has entered into a definitive agreement to be acquired by affiliates of private investment firm TPG Capital.
Under the terms of the agreement, holders of the outstanding common shares of Primedia will receive $7.10 per share in cash, representing a transaction value of approximately $525 million.
The acquisition by TPG Capital is subject to customary closing conditions and is expected to close in the third quarter of 2011.
According to the press statement, stockholders holding approximately 58% of the outstanding common stock have approved the transaction in writing, which means no additional Primedia stockholder action is required to complete the transaction.
PRIMEDIA is a private digital advertising company based in Peachtree Corners, a suburb of Atlanta, GA. Every year the company connects millions of renters and home buyers with the information and tools they need to find a new place to live. Apartment communities continue to be the bulk of their client base through their Apartment Guide, Rent.com, and Rentals.com brands. PRIMEDIA has a 35+ year track record of successful multifamily marketing that originated with its printed apartment directories. As consumer habits...