The owner of Chevy Chase-based WeddingWire Inc. has closed on its nearly $1 billion deal to acquire XO Group Inc., parent company of The Knot. May they live happily ever after.
New York-based XO Group (NYSE: XOXO) was taken private as of Friday, as Permira Funds and Spectrum Equity, WeddingWire owners, completed the previously announced merger. The deal will provide XO Group shareholders $35 per share in cash. The deal is valued at about $933 million.
The new company is led by XO Group CEO Mike Steib and WeddingWire CEO Tim Chi, as co-CEOs.
Permira and Spectrum now control a host of wedding marketplaces, websites, planning tools and registry services through brands including WeddingWire, The Knot and Bodas, all of which will remain separate products post-merger.
“Our union is an exciting and incredible milestone for the global wedding industry and all of us at WeddingWire and XO,” Chi said. “Together, we can further our ongoing commitment of providing all couples with the resources…
Read the full story from the Washington Business Journal.
