GoDaddy announces sale of PlusServer business for $456M
GoDaddy 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 $456M. As part of the transaction, PlusServer will assume liabilities of EUR$23M and retain existing cash on the balance sheet of EUR$12M. 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 acquisition. PlusServer has been treated as an asset for sale since the HEG acquisition closed in April 2017. GoDaddy intends to repay its EURO$500 million bridge loan with the proceeds from the PlusServer sale and cash on hand.