XO Group and WeddingWire both say ‘I do’ to a merger

Investors of Chevy Chase wedding planning company WeddingWire Inc. are acquiring XO Group Inc., which operates The Knot, in a $933 million deal to take the New York company private.

The combined company — which will be led by XO Group CEO Mike Steib and WeddingWire CEO Timothy Chi as co-CEOs — will maintain both brands as separate consumer products so that engaged couples can use both offerings.

Under the agreement, WeddingWire investors Permira Funds and Spectrum Equity will pay XO Group (NYSE: XOXO) shareholders $35 in cash for each share in that company. The acquisition price represents a 27 percent premium on XO Group’s closing price on Monday and a 44 percent premium on the company’s 12-month average closing price.

Upon closing, expected for the first quarter of next year, the combined company would total 1,700 employees and serve customers and wedding vendors in 15 countries across North America, Europe, Latin America, and Asia through global wedding brands The Knot, WeddingWire,…

Read the full story from the Washington Business Journal.