Primedia, an online service assisting people in finding apartments, homes and apartments for sale via online websites, mobile and print editions, this morning confirmed that it has entered into an agreement to be acquired by affiliates of private investment firm TPG Capital.
The company said according to the agreement, holders of the outstanding common shares of Primedia will receive $7.10 per share in cash, which represents a transaction value of about $525 million.
Some popular online services managed by Primedia include ApartmentGuide.com, NewHomeGuide.com and Rentals.com.
It has been reported that the acquisition is subject to customary closing conditions and is expected to be finalized by the third quarter of 2011.
