Online family history website Ancestry.com said Monday it has agreed to be acquired by European private equity company Permira for $1.6 billion, or $32 a share.
Ancestry.com is a global network of websites that gives users tools to research their family histories. The move on the part of Permira appears to be a bet on the broader appeal of family-history research, perhaps to a larger international audience. Ancestry.com is already the world’s largest online family history resource, boasting more than 2 million paying subscribers.
Permira will have majority control of the company, but will partner with venture capital firm Spectrum Equity, which was an early backer of Ancestry.com. Some of the European private equity firm’s direct investors and Ancestry.com’s management also will invest in the deal.
“We’re excited that Permira shares our commitment to keep investing in our technology and product experience to make family history easy and accessible for more and more families around the world,” said Tim Sullivan, Ancestry.com’s President and CEO.
