NEW YORK—Ziff Davis has reached a definitive agreement to sell its Connectivity division to Accenture for $1.2 billion in cash.
The deal includes such brands as Ookla, Speedtest, Ekahau, Downdetector, and RootMetrics that provide solutions and services that help optimize networks, elevate digital experiences, and ensure faster, more reliable connectivity.
"This is a transformative deal for Ziff Davis, representing a significant realization of value for our shareholders and a concrete illustration of the quality of the businesses in our portfolio," said Vivek Shah, CEO of Ziff Davis.
The sale price is subject to certain closing adjustments and the proceeds will be subject to applicable taxes. The transaction is currently expected to close in the coming months.
Evercore Group L.L.C. and Citi served as Ziff Davis’ financial advisors, and Kirkland & Ellis LLP acted as legal counsel to the Company for this transaction.
Ziff Davis plans to utilize the proceeds of the transaction for general corporate purposes and to fund its robust capital allocation activities in accordance with the terms of the Company’s outstanding debt securities.
