Gannett Co., Inc. announced that it entered into an agreement to acquire WordStream, Inc., a provider of cloud-based software-as-a-service (SaaS) solutions for local and regional businesses and agencies to optimize their digital marketing services campaigns. The purchase price is $130 million in cash, net of cash acquired, plus up to an aggregate $20 million earnout payable in 2019 and 2020 based on achieving certain revenue targets. The transaction builds upon Gannett’s existing data-driven digital marketing services, ReachLocal and SweetIQ. “This acquisition marks another critical milestone in Gannett’s digital transformation, enhancing our ability to support businesses and agencies in our local markets with the intelligent, data-driven marketing solutions they need to drive growth,” said Robert Dickey, president and chief executive officer of Gannett. “WordStream’s technology, extensive data and analytics capabilities together with an experienced executive team will bring tremendous value to Gannett’s expanding digital marketing services business.” Click Read More below for additional information.
The ODP Corporation (“ODP,” or the “Company”) (NASDAQ: ODP), a leading provider of business services, products and digital workplace technology solutions through an integrated B2B distribution platform with an online presence and approximately 1,100 stores, today confirmed that its Board of Directors has received a proposal from USR Parent, Inc. (“Staples”), the parent company of Staples and a portfolio company of Sycamore Partners, to acquire the Company’s consumer business for $1 billion in cash.
ODP’s Board of Directors is carefully reviewing Staples’ proposal with the assistance of its financial and legal advisors to determine the course of action that it believes is in the best interests of the Company and its shareholders. No action is required by the Company’s shareholders at this time.
Last month, the Company announced a plan to separate into two independent, publicly-traded companies, each with a unique and highly focused strategy and investment profile.
Simpson Thacher & Bartlett LLP and Goldman Sachs & Co. LLC are acting as legal and financial advisor to the Company, respectively.