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.
Mostly known for its guides and magazines, such as Apartment Guide and New Home Guide, PRIMEDIA also operates a number of websites, including ApartmentGuide.com, NewHomeGuide.com and Rentals.com.
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.