IAC acquires MyHammer
HomeAdvisor, the operator of the leading home services marketplace in both North America and Europe and an operating business of IAC, announced that it has agreed to acquire a controlling interest in MyHammer Holding AG, the leading home services marketplace in Germany. The stake will be acquired from Holtzbrinck Digital GmbH in a private transaction. HomeAdvisor also announced that it intends to commence a tender offer to acquire the remaining publicly-held stake in MyHammer at a price of EUR5.14 per share. The tender offer will launch in the coming weeks, after clearance is obtained from German regulatory authorities. Under the transaction, HomeAdvisor will acquire Holzbrinck Digital's approximately 70% stake in MyHammer Holding AG, as well as Holtzbrinck Digital's direct ownership stake in the principal operating subsidiary of MyHammer. HomeAdvisor will also acquire the outstanding loans owed by the MyHammer companies to Holtzbrinck Digital. Terms of the transaction were not disclosed. The transaction, which is subject to regulatory approval in Germany, is expected to close in Q4 2016.