E-commerce services provider Digital River said on Thursday it had entered into an agreement to be acquired by an investor group led by Siris Capital Group for about $840 million.
The deal, valued at $26 per share in cash, is at a premium of almost 50 percent over Digital River’s Thursday’s closing price.
The agreement, approved by the board of Minnesota-based Digital River, includes a 45-day “go-shop” period during which the company can solicit alternative proposals, Digital River said on Thursday.
Siris will finance the deal with a combination of equity and debt, for which it has secured financing.
The companies expect the deal to close in the first quarter of 2015.
Morgan Stanley & Co acted as financial adviser to Digital River, while Macquarie Capital (USA), Union Square Advisors and Evercore Partners are financial advisers to Siris.
(Reporting by Kanika Sikka in Bangalore; Editing by Peter Cooney)
This article originally appeared on Recode.net.