Aug 10, 2020, 04:15 EST
Bronx, United States, Aug 10, 2020, 04:15 /Comserve / -- Blackstone has announced that it had reached an agreement to acquire Ancestry. This will be done from Silver Lake, GIC, Permira, Spectrum Equity, and other equity holders.
New York, August 5, 2020 – Blackstone has announced that it had reached an agreement to acquire Ancestry. This will be done from Silver Lake, GIC, Permira, Spectrum Equity, and other equity holders. The total enterprise value is USD 4.7 billion. GIC, which is a current Ancestry investor, will continue to hold a significant minority stake in the company.
Blackstone is willing to commit to investing upwards of USD 2 billion equity in Ancestry. About a quarter of that (USD 400 million to USD 500 million) will come from GIC.
Ancestry refers to historical records and detailed information on family trees to provide details of family history to more than 3 million subscribers. The company is also responsible for using DNA tests to give users more information about their family tree and genetic ethnicity. Based in Lehi, Utah, the company operates in more than 30 countries and produces more than USD 1 billion in annual revenue.
The Senior Managing Director of Blackstone, David Kestnbaum believes that Ancestry has a lot of scope for further growth. This is because people of all ages and backgrounds would be interested in gaining more information about their family histories and themselves. Blackstone, he says, is looking forward to investing in further data, functionality, and product development across Ancestry’s market-leading platform to continue to provide a differentiated service.
Chief Investment Officer of Private Equity at GIC, Choo Yong Cheen talks about how Ancestry is the clear leader in assisting people to share, discover, preserve their family history. Already being a long-time investor, GIC is proud to have contributed to Ancestry’s mission to preserve family history since 2012. Cheen also is confident that the team will continue to innovate for years to come. GIC also appreciated the contributions of Spectrum, Silver Lake, and Permira and is looking forward to partnering with Blackstone and Ancestry for the next stage of growth.
Being one of the world’s leading investment firm, Blackstone aims to create positive economic impact along with long-term value for people they associate with and the communities in which they work.
The pioneer in family history and consumer genomics, Ancestry empowers journeys of personal discovery. With their collection of almost 24 billion records and around 18 million people in their DNA network, customers can discover their family story and get actionable insights into their health and wellness.
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