UPDATE 1-Ziff Davis to sell connectivity division to Accenture for $1.2 billion
Ziff Davis, Inc. +2.85% Pre
أسنتشر ليمتد +1.91% Pre
Ziff Davis, Inc. ZD | 46.92 46.92 | +2.85% 0.00% Pre |
Accenture Plc Class A ACN | 194.00 195.01 | +1.91% +0.52% Pre |
Adds details
March 3 (Reuters) - Ziff Davis ZD.O said on Tuesday it has agreed to sell its Connectivity division — the unit behind brands such as Ookla, Speedtest and Downdetector — to Accenture ACN.N for $1.2 billion in cash.
Shares of Ziff Davis rose more than 45% in premarket trading.
Proceeds from the transaction are expected to be used for general corporate purposes and capital allocation activities, in line with the firm's debt agreements, Ziff Davis said.
The company added the transaction is expected to close in the coming months.