Silver Lake and GIC purchase equity stakes in Ancestry.com
Ancestry.com announced a deal with Silver Lake and GIC, a current investor in Ancestry, to acquire significant equity stakes in the company from existing equity holders at a $2.6 billion valuation. Provo-based Ancestry is the leading provider of online family history data and personal DNA testing and has more than 2.2 million paying subscribers.
“Silver Lake’s and GIC’s investments constitute a vote of confidence in our future, an affirmation of the work we have done to build our company and, most importantly, a validation of the tremendous opportunities we see ahead,” said Tim Sullivan, President and Chief Executive Officer of Ancestry.
The transaction is expected to close in the second calendar quarter of 2016. Following the transaction, GIC and Silver Lake will hold equal minority ownership roles in Ancestry, while other previous investors- including the Permira funds, Spectrum Equity and ANcestry management- will continue to own a majority of the company and will remain as substantial equity investors.
“Ancestry has an exciting future, and we look forward to working alongside management as the company executes on its next phase of development,” said Stephen Evans, Managing Director at Silver Lake.
By Jordan Phelps