Siris Capital Group is ponying up $840 million to acquire Digital River. Digital River is a major global provider of Commerce-as-a-Service solutions.
Digital River may solicit alternative acquisition proposals from third parties during a 45-day “go-shop” period, following the date of execution of the merger agreement.
Siris will acquire all of the outstanding common shares of Digital River for $26.00 per share in cash, representing a premium of approximately 50 percent over the closing price on October 23, 2014, and 67 percent over Digital River’s volume weighted average share price during the 90 days ended October 23, 2014.
Morgan Stanley is acting as financial advisor and Skadden, Arps, Slate, Meagher & Flom is acting as legal advisor to Digital River in connection with the transaction. Macquarie Capital, Union Square Advisors, and Evercore Partners are acting as financial advisors and Simpson Thacher & Bartlett is acting as legal advisor to Siris in connection with the transaction.
In 2013, Digital River processed more than $30 billion in online transactions, connecting B2B and B2C digital products and cloud service companies as well as branded manufacturers with buyers across multiple devices and channels, and nearly every country in the world.
Digital River is headquartered in Minneapolis with offices across the U.S., Asia, Europe and South America.
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