Graham Holdings Company to Acquire Leaf Group Ltd.
April 05 2021 - 7:30AM
Business Wire
Graham Holdings Company (NYSE: GHC) announced today that it has
entered into an agreement to acquire all outstanding shares of
common stock of Leaf Group Ltd. (NYSE: LEAF) at $8.50 per share in
an all cash transaction valued at approximately $323 million. Leaf
Group, headquartered in Santa Monica, CA, is a consumer internet
company that builds enduring, creator-driven brands that reach
passionate audiences in large and growing lifestyle categories,
including fitness and wellness (Well+Good, Livestrong.com and
MyPlate App), and home, art and design (Saatchi Art, Society6 and
Hunker).
"At Graham Holdings, we look for businesses that can prosper
under our ownership and Leaf Group's collection of marketplace and
media brands make for a growing company that can do just that.
We're thrilled to partner with Sean (Moriarty) and his team and
look forward to driving profitable growth at Leaf Group," said
Timothy J. O’Shaughnessy, chief executive officer, Graham Holdings
Company.
Sean Moriarty, chief executive officer of Leaf Group, said, “We
could not be more pleased to be joining forces with an organization
with such a rich history and shared commitment to excellence.
Together, we look forward to continuing to build on the strong
momentum Leaf Group generated over the past year, with the
additional resources and expertise of Graham Holdings helping us
further grow the reach of our young brands and innovate for our
customers, creators and audiences.”
The transaction is expected to close in June or July of 2021 and
is subject to approval of the Leaf Group shareholders, regulatory
approval and the satisfaction of other closing conditions.
Forward Looking Statements
This press release contains forward-looking statements made
pursuant to the safe harbor provisions of Section 27A of the
Securities Act of 1933 and of Section 21E of the Securities
Exchange Act of 1934. The forward-looking statements in this press
release do not constitute guarantees of future performance.
Forward-looking statements generally can be identified by phrases
such as “will,” “expects,” “anticipates,” “foresees,” “could,”
“forecasts,” “estimates” or other words or phrases of similar
import. It is uncertain whether any of the events anticipated by
the forward-looking statements will transpire or occur, or if any
of them do, what impact they will have on the results of operations
and financial condition of the combined companies or the price of
the Company’s stock. Such forward-looking statements are subject to
a number of risks and uncertainties that could cause actual results
to differ materially from those anticipated by the forward-looking
statements, including, without limitation, the ability to close the
announced transaction, the ability to realize the potential
benefits of the acquisition, the possibility that the closing of
the transaction may be delayed, the outcome of any legal
proceedings related to the transaction, and other risks detailed in
the Company’s filings with the Securities and Exchange Commission.
For additional information about other factors that could cause
actual results to differ materially from those described in the
forward-looking statements, please refer to the Company’s periodic
reports and other filings with the SEC, including the risk factors
identified in the Company’s most recent Annual Report on Form 10-K
and Quarterly Reports on Form 10-Q and further disclosures in the
Company’s Current Reports on Form 8-K. The forward-looking
statements included in this press release are made only as of the
date hereof. Except as required by law, the Company does not
undertake any obligation to update any forward-looking statements
to reflect subsequent events or circumstances.
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version on businesswire.com: https://www.businesswire.com/news/home/20210405005195/en/
Pinkie Mayfield (703) 345-6450 Pinkie.Mayfield@ghco.com
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