SCOTTSDALE, Ariz., July 18, 2017 /PRNewswire/ — GoDaddy Inc. (GDDY), the world’s largest cloud platform dedicated to small, independent ventures, today announced it has signed a definitive agreement for the sale of the PlusServer business to funds advised by BC Partners, for an enterprise value of €397 million ($456 million USD). As part of the transaction, PlusServer will assume liabilities of €23 million and retain existing cash on the balance sheet of €12 million. Subject to regulatory approval, the deal is expected to close by the end of August.
The sale is consistent with the company’s stated intent to explore strategic alternatives for the PlusServer business, which GoDaddy acquired as part of the Host Europe Group (HEG) acquisition. PlusServer has been treated as an asset for sale since the HEG acquisition closed in April 2017.
GoDaddy intends to repay its €500 million bridge loan with the proceeds from the PlusServer sale and cash on hand.
Oakley Advisory acted as financial advisor to GoDaddy on the transaction. Heuking Kühn Lüer Wojtek were legal advisors. OC&C, Deloitte and Ernst & Young addressed commercial, financial and tax matters, respectively.
Forward-Looking Statements:
This press release contains forward-looking statements which are subject to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are based on information and estimates available to us at the time of this press release and are not guarantees of future performance. Statements which may be considered forward-looking within the meaning of the U.S. federal securities laws include statements regarding the timing of the completion of the sale of GoDaddy’s PlusServer business and GoDaddy’s plans for repayment of the bridge loan. These statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to differ materially from results expressed or implied in this press release. Such risk factors include those related to obtaining the required regulatory approval for the PlusServer transaction and the satisfaction of other closing conditions. Actual results may differ materially from those contained in the forward-looking statements in this press release.
Additional risks and uncertainties that could affect GoDaddy’s financial results are included in the other filings we make with the SEC from time to time, including the risks described under the captions “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2016 and the risk factors described the Company’s Current Report on Form 8-K filed May 3, 2017, which are available on the Company’s website at https://investors.godaddy.net and on the SEC’s website at www.sec.gov. All forward-looking statements in this press release are based on information available to the Company as of the date hereof. GoDaddy does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
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