Permira to be new parent of

City A.M. Reporter
PRIVATE equity group Permira has splashed out $1.6bn (£1bn) on buying US-listed genealogy website operator

The firm will take Ancestry private at $32 per share, a 10 per cent premium to Friday’s closing price.

Ancestry’s chief executive Tim Sullivan and chief financial officer Howard Hochhauser will keep most of their shares in the firm after the deal.

Spectrum Equity, which has pledged to vote its 30 per cent shareholding in favour of the buyout, will also remain an investor, Permira said. has 2m subscribers using some 10bn digitised family history records. The 15-year-old business was put up for sale in June after losing a TV sponsorship deal in the States.

“We look forward to bringing Permira’s technology and media experience to bear in supporting Tim, Howard and the rest of the talented team at and its mission of helping everyone discover, preserve and share their family history,” said Permira partner Brian Ruder.

Barclays, Credit Suisse Securities, Deutsche Bank, Morgan Stanley and RBC Capital Markets have agreed to provide financing of up to $1.02bn for the takeover, said.

The deal is Europe-based Permira’s fourth in the United States in 12 months.

It previously acquired technology-based student assessment firm Renaissance Learning, automated material handling solutions provider Intelligrated, and software maker Genesys. will remain headquartered in Provo, Utah, with a continued large presence in San Francisco, Dublin and London.